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Dana Gas Quarterly Profit Falls 45 Percent on Lower Oil Price

Published: 12/08/2013 07:24:11 AM GMT
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Dana Gas PJSC (DANA), an oil and natural gas producer forced to restructure debt last year, said second-quarter profit fell 45 percent as selling pric (more)

Dana Gas PJSC (DANA), an oil and natural gas producer forced to restructure debt last year, said second-quarter profit fell 45 percent as selling prices declined and damage at a production unit in Iraq cut output.

Net income dropped to 100 million dirhams ($27 million) from 181 million dirhams in the same period a year ago, the company said in a statement to the Abu Dhabi stock exchange today. Revenue fell 12 percent to 389 million dirhams.

Dana Gas, based in the United Arab Emirates sheikhdom of Sharjah, changed terms of about $1 billion in Islamic bonds, or sukuk, last year after the Egyptian and Iraqi governments delayed payments for fuel sales. The global financial crisis and the company's inability to find buyers for minority stakes in some of its fields also hampered efforts to refinance.


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