Record oil prices lift Dana Gas profit

PROFIT UP: Dana Gas said its first-quarter net profit rose $6.81 million, up 19% from 2007. (Getty Images)

United Arab Emirates-based Dana Gas said on Thursday its first-quarter net profit rose to 25 million dirhams ($6.81 million), up 19% from the year-ago period, helped by record oil prices.

The company's revenues from oil and gas production in the three months ending March 31 grew to 272 million dirhams, an increase of 35% over the same period last year, it said in a statement.

"Comparing this year's first quarter with last year's first quarter, the growth was mainly driven by an increase in oil prices that have resulted in high returns," Finance Director Neeraj Agrawal told newswire Reuters.

Production from the firm's Egypt operations, presently its sole source of output, in the first quarter remained constant at about 30,000 barrels of oil equivalent per day, a rate it plans to keep steady for the rest of the year, Agrawal said.

The company's project in Iraq's Kurdish region - 80% of which has been completed so far - is expected to be ready for production by the end of July and contribute to profit in the third quarter, he added. (Reuters)

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