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Dana Gas posts Dh33m net profit in first quarter
/ 14 May 2010
ABU DHABI — Dana Gas has made a net profit of Dh33 million in the first quarter of this year compared to a loss of Dh32 million it recorded during the same period in the previous year.
The company’s earnings before interest, tax, depreciation, amortisation and exploration expenses (EBITDAX) increased by just over 100 per cent to Dh228 million in the just-concluded quarter compared to the results the company posted in the first quarter of 2009.
Dana Gas, which is considered to be the Middle East’s largest regional private sector natural gas company, has achieved a revenue of Dh411 million from the sale of hydrocarbons in the first quarter of 2010, registering an increase of 66 per cent from the corresponding period of last year. The gross profit increased by 138 per cent to reach Dh162 million. “This is due to very strong production growth, amounting in aggregate to 36 per cent, from the company’s operations in Egypt, where nine fields are now producing, and in Iraq where production from the Khor Mor field continues to increase compared to 2009 first quarter. Higher market prices for oil, condensate and LPG during 2010 have also contributed to it,” a statement posted by Dana Gas on the Website of ADX said on Thursday.
The statement clarified that the net profit reported by the company is after tax and excludes an unrealised gain of Dh140 million in the quarter for the company’s investment in MOL, the Hungarian oil and gas company which is one of Dana’s partners in Kurdistan). The gain from that investment is booked directly to equity in line with the company’s published accounting policy. The “comprehensive Income” for the three month period this year is Dh173 million compared to a loss of Dh32 million in same period for 2009.
“I am pleased to be able to report that Dana Gas is delivering good financial results from its strong operational performance in both Egypt and Iraq. In Egypt, we have an active development programme with eight discoveries to bring on stream and our fourteen well exploration programmes for 2010 is off to a very satisfactory start with two discoveries from our first three wells. We continue to target a 20 per cent increase in production for the full year compared to 2009,” the statement said quoting Ahmed Al Arbeed, Dana Gas Chief Executive Officer.
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