Business | Oil & Gas
Dana Gas reports Dh26m net profit in third quarter of 2008
Middle East natural gas company Dana Gas has reported a net profit of Dh26 million for the quarter compared to Dh22 million in the same period last year.
- Agencies
- Published: 15:36 November 15, 2008
Dubai: Middle East natural gas company Dana Gas has reported a net profit of Dh26 million for the quarter compared to Dh22 million in the same period last year.
Dana Gas profits increased 18 per cent after finance charges of Dh65 million, non-cash depreciation and depletion of Dh73 million and income tax expense of Dh39 million
During the first nine months of the year, the company reported a net profit of Dh85 million. Total assets as of September 30 stood at Dh10.8 billion.
The Company generated a total revenue of Dh901 million for the nine-month period ended September 30, with a gross profit of Dh200 million.
Earnings before interest, taxes, depreciation, and amortization for the first nine months was at Dh451 million, an increase of 50 per cent over the same period last year.
Dana Gas' oil and gas production in Egypt ended the quarter with a production of 2.57 million barrels of oil equivalent and contributed higher revenues due to better realizations of LPG and condensates.
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