Abu Dhabi: Sharjah based Dana Gas posted a third-quarter loss on Sunday as oil prices drop due to overproduction and weak demand.
The company reported third quarter gross revenue of $93 million as compared to $174 million and an overall net loss of $9 million versus a net profit of $38 million in the third quarter 2014 principally due to lower prices but also to lower production.
“The market remains extremely tough on producers but Dana Gas continues to be resilient and our focus on managing our cost base is yielding positive results. It has helped us to partially offset the low oil price environment and reduction in production to post a nine-month net profit of $10 million,” Dr Patrick Allman-Ward, CEO of Dana Gas, said.
