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Thu 12 Nov 2009 11:23 AM

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UAE's Dana Gas posts 64% higher Q3 gross profit

Natural gas firm records AED359m ($97.74m) revenues in Q3, which is up 12%.

Dana Gas

said on Thursday third-quarter gross profit rose 64 percent compared to the same period in 2008.

The firm did not give a breakdown of its results or figures, but said in a statement on the bourse website revenues in the third quarter were 359 million dirhams ($97.74 million), up 12 percent.

It made a net profit of 26 million dirhams in the third quarter of 2008, according to previous financial statements. Company executives were not immediately available to clarify the figures.

"Exploration write-offs and impairment provisions, principally in respect of three wells in the Egyptian exploration programme, were required totalling 110 million dirhams," Dana said in a statement.

"As a result, the company incurred a net loss of 79 million dirhams in the third quarter."

Dana made a net profit of 281 million dirhams in the first nine months of the year, up from 85 million dirhams in the same period last year, it said.

Oil and gas production increased to 3.8 million barrels of oil equivalent (boe) in the third quarter compared from 2.5 million boe in the third quarter of 2008, the statement said, adding that the increase in revenue was due to higher production.

Dana undertakes exploration and production in Egypt, Iraq, Sharjah and Nigeria.

Shares in Dana closed 2.6 percent down in Abu Dhabi on Thursday. The company had earlier said gross profit had risen 64 percent in the third quarter from a year ago with revenues rising 12 percent, but had not given a breakdown of its financials. ($1=3.673 dirhams) (Reuters)

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