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Dana Gas Posts Lower Profit, Says Kurds Try to Strip Iraq Assets

Published: 04/11/2013 08:24:11 PM GMT
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Dana Gas PJSC (DANA), an energy producer forced to restructure debt last year, said third-quarter profit fell amid faster depreciation of assets in Eg (more)

Dana Gas PJSC (DANA), an energy producer forced to restructure debt last year, said third-quarter profit fell amid faster depreciation of assets in Egypt and as Kurdish authorities tried to sell company holdings in Iraq.

Net income slipped 2 percent to 102 million dirhams ($28 million), from 104 million dirhams a year earlier, Dana Gas said in a statement today to the Abu Dhabi stock exchange. The company is owed 2.78 billion dirhams in total trade receivables, mostly in Iraq and Egypt.

Dana Gas, based in the United Arab Emirates sheikdom of Sharjah, changed terms on about $1 billion in Islamic bonds, or sukuk, last year after the Egyptian and Iraqi governments delayed payments for fuel. These receivables and the global financial crisis hampered its efforts to refinance.


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