Dana Gas Boosts 2012 Profit 20% on Partial Egypt, Iraq Payments
03 Feb 2013 08:24 GMT
 
Dana Gas PJSC (DANA), the oil and natural gas producer forced to restructure its debt last year, boosted full-year profit by 20 percent as it received (more)

Dana Gas PJSC (DANA), the oil and natural gas producer forced to restructure its debt last year, boosted full-year profit by 20 percent as it received payments for output in Egypt and Iraq and benefited from higher crude prices.

Net profit rose to $165 million from $138 million the previous year, the company said today in an e-mailed statement. Sales slipped to $636 million from $690 million as Dana slowed investment in Egypt and reduced production there, it said.

The company, which produces oil and gas at deposits mainly in Egypt and Iraq, seeks to increase output even as it faces difficulties in getting paid. Dana said it collected $301 million in payments from Egypt and from authorities in Iraq's semi-autonomous Kurdish region, without saying how much money it's still owed.


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