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Wed 6 Aug 2014 12:07 PM

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UAE's Dana Gas Q2 net profit jumps 70% on higher production

Sharjah-based energy firm said it was having ongoing problems with payments in Egypt and Iraq

UAE's Dana Gas Q2 net profit jumps 70% on higher production
Dana Gas

Dana Gas, the United Arab Emirates energy firm, said on Wednesday that its second-quarter net profit jumped 70 percent as production across the group rose.

Dana made a net profit of AED169 million ($46 million), the company said in a bourse filing. This compares with AED100 million in the year-earlier period.

Revenues for the second quarter were AED685 million, up from AED528 million.

Dana said its average overall production volume was up 17 percent to 72,200 barrels of oil equivalent per day in the second quarter.

The Sharjah-based energy firm has had problems recovering payment from exploration and production assets in Egypt and Iraq's region of Kurdistan because of political turmoil in those countries.

Dana reiterated that it had not received any significant payment from Kurdistan since July 2013 and was taking steps to ensure that payments resumed as soon as possible.

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