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Dana Gas Posts Dh247 Million in Revenues

SHARJAH — Dana Gas PJSC has recorded Dh247 million revenue from sale of hydrocarbons in first quarter of 2009, reflecting a decrease of nine per cent over the same period last year.

The Middle East’s largest regional private sector natural gas company attributed the decline to lower LPG and condensate realised prices, though the relatively constant contracted gas prices received by the company in Egypt has minimised this decrease.

Gross profits increased by 64 per cent to Dh68 million compared to the same period last year, despite the decline in revenue mainly due to condensate sales from the company’s operations in the Kurdistan Region of Iraq.

The earnings before Interest, Tax, Depreciation, Amortisation and Exploration, or EBITDAX, was positive at Dh113 million and reflects the positive cash generation by the group during the first quarter.

The group incurred a net loss of Dh32 million in the first quarter after finance cost of Dh57 million and tax charge of Dh30 million as compared to a net profit of Dh25 million in the same period last year when the company generated a profit from disposal of the company’s interest in West Gharib concession.

· business@khaleejtimes.com