Dana Gas says cash owed by customers doubled to US$501m

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Dana Gas says money owed by customers doubled in 2011.

Dana Gas says money owed by customers doubled in 2011.

Dana Gas, which has US$1bn in Islamic bonds maturing in October, said money owed by customers almost doubled last year.

Total trade and other receivables climbed to US$501m from US$255m in 2010, the Sharjah, UAE- based company said in its consolidated financial statement to the Abu Dhabi bourse today. Dana Gas said US$212m of the total was owed for more than four months.

Dana Gas said in January its 2011 profit advanced to US$138m from US$43m a year ago, helped by higher production and prices.

Dana Gas shares have dropped 20 percent in the past year on concern it won’t have enough money to repay a US$1bn Islamic bond due in October. The company said January 17 it would meet debt obligations and has appointed a financial adviser.

Dana Gas may restructure the debt, Bank of America Corp. said in a report on January 24, cutting the shares to “underperform.” The company may restructure the sukuk at 61.5 percent to their par value, investment bank Exotix said in a report in January.

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