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FINANCIAL NEWS
UAE’S Dana Gas reports USD56m profit in Q1
15 May 2012
(MENAFN) UAE natural gas firm Dana Gas reported more than double its quarterly profits, thanks to higher oil prices and increased production in Iraq’s Kurdistan region, Reuters reported.
The Abu Dhabi-listed natural gas producer said it made USD56.08 million net profit during the first quarter, up from USD25 million a year earlier. Revenue rose 19.2 percent to USD155.7 million.
Dana Gas, which operates in Egypt and Iraq’s Kurdistan and owns a 3 percent stake in Hungarian group MOL, faces a USD1 billion Islamic bond maturity in October.
The company also faced payment delays for gas delivered to Egypt due to political unrest. USD52.3 million was collected against receivables in the first quarter, while trade receivables stood at 224.6 million, Dana said.
Dana Gas’s investments in the Kurdistan region of Iraq reached USD353.8 million in the first quarter.
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