Dubai: Dana Gas, a UAE-based natural gas company, announced on Thursday a major jump in profit.
The gas company recorded a 67 per cent year-on-year rise in first quarter 2014 operating profit to $45 million from $27 million in 2013, according to a company statement.
The company’s gross revenue, meanwhile, stood at $180 million, up 18 per cent compared to the first quarter in 2013 ($152 million).
Increase in production and sales and tighter control of operational expenditure were the drivers of revenue and operating profit.
The company’s overall production was up 12 per cent, registering an average of 68,800 barrels of oil equivalent per day compared to 61,400 during the same period last year.
