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Dana Gas First-Quarter Profit Rises 17 Percent on MOL Stake Sale

Published: 14/05/2013 07:24:43 PM GMT
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Dana Gas PJSC (DANA), the oil and natural gas producer forced to restructure debt last year, boosted first-quarter profit 17 percent as gains from an (more)

Dana Gas PJSC (DANA), the oil and natural gas producer forced to restructure debt last year, boosted first-quarter profit 17 percent as gains from an asset sale outweighed a decline in revenue.

Net income rose to 241 million dirhams ($66 million), compared with 206 million dirhams a year ago, the company said today in a statement to the Abu Dhabi stock exchange. Sales dropped 20 percent to 557 million dirhams.

The company, which produces oil and gas mainly in Egypt and Iraq, expects output and income to improve this year as it pumps from newly discovered deposits, Rashid Al Jarwan, acting chief executive officer, said on a conference call today. Dana Gas gained $135 million from the sale of a 1.6 percent stake in Hungary's largest refiner Mol Nyrt.


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