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Wed 12 Nov 2014 04:24 PM

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UAE's Dana Gas Q3 profit rises 36%

Energy firm has faced problems recovering payments from exploration and production assets in Egypt and Iraq's Kurdistan

UAE's Dana Gas Q3 profit rises 36%
Dana Gas

Dana Gas, the United Arab Emirates energy firm, reported a 36 percent rise in third-quarter net profit on Wednesday as production increased and it reined in costs.

The Sharjah-based company made a profit of $38 million in the three months to Sept. 30, up from $28 million in the year-earlier period.

Dana has faced problems recovering payments from exploration and production assets in Egypt and Iraq's region of Kurdistan because of political turmoil in those countries. The company received $71 million in cash from operations and cash collections in the third quarter.

It collected $53 million from Egypt, of which $36 million was in Egyptian pounds earmarked to settle overdue payables to service providers for its Egypt operations, and $11 million was ring-fenced for funding a previously announced project in Egypt.

In Kurdistan, Dana received an $18 million cash advance as part of its 40 percent share in a project in the autonomous region.

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