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Wed 9 Nov 2016 11:59 AM

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UAE's Dana Gas swings to third-quarter net profit

Dana Gas reported falling profits or a loss in five of the six quarters to March 31, hit by a slump in oil prices from their mid-2014 peak

UAE's Dana Gas swings to third-quarter net profit
Dana Gas

UAE energy firm Dana Gas on Wednesday swung to a profit in the third quarter.

Dana made a net profit of $13 million in the three months to Sept. 30, compared to a loss of $9 million in the prior-year period, it said in a bourse statement.

Dana Gas reported falling profits or a loss in five of the six quarters to March 31, hit by a slump in oil prices from their mid-2014 peak, before achieving flat profit growth in the second quarter.

"During the quarter we continued to make progress on our group production output
goals, reaching 69,400 boepd," said Dr Patrick Allman-Ward, CEO, Dana Gas.

"This highlights the success of our focus on organic
growth and disciplined capital expenditure during the last 18 months. Despite our
collections decreasing due to disappointing payment delays from Egypt, we have
managed to offset these through better than anticipated collections in Iraq’s
Kurdistan Region.

"Nevertheless, we remain mindful of our long-term cash
requirements, and we will have to review our operational and capital expenditure in
Egypt for 2017 if the situation does not improve."

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