Dana Gas Q2 net profit flat at AED 26 mln

Abu Dhabi-listed energy firm Dana Gas posted a net profit of AED 26 million ($7 million) for second quarter of this year compared to AED 25 million in Q2-2015, as lower oil prices limited profit growth over the period.

Revenue slipped to AED 351 million during the quarter from AED 425 million in Q2-2015.

“The reduction was due to the decline in comparable hydrocarbon prices, which was offset by a combination of certain interest, reversals in provisions and a gain on the buy-back of the Ordinary Sukuk,” the firm said in a bourse statement.

The company also received an AED 29 million contribution from the Zora field in the UAE and a revenue boost from incremental production during the quarter in Egypt.

Chief executive Patrick Allman-Ward said the firm has benefitted from increase in production from the Egyptian fields. He also noted the drilling operations onshore Nile Delta.

“In September, the next phase of the arbitration case with the KRG will take place, in which all of the outstanding contractual issues will be resolved,” he said.