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Thu 13 May 2010 09:00 AM

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Dana Gas rebounds to net profit of $9m in Q1

UAE-based natural gas company says profit due to higher prices, increased production.

Dana Gas rebounds to net profit of $9m in Q1
PROFITS ANNOUNCED: Dana Gas on Thursday announced net profit of AED33m for the first quarter of 2010.

Dana Gas, the Middle East's largest private natural gas company, on Thursday announced net profit of AED33m ($9m) for the first quarter of 2010, after making a AED32m loss in the same period last year.

The increase in profit was mainly due to higher realised prices on the sale of hydrocarbons, together with increased production in Egypt and the Kurdistan region of Iraq, the Sharjah-based company said in a statement.

Gross revenues for the quarter reached AED411m, a 66 percent increase compared to AED247m in the same period in 2009, it added.

Oil and gas production rose to 4.5 million barrels of oil equivalent as compared to 3.3 million in the year earlier period.

The group currently operates in the Middle East, North Africa and South Asia regions and is involved across the natural gas value chain from exploration and production to distribution and transportation.

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