Dana gas reports strong profit growth

Dana Gas reported a 125 per cent jump in its first quarter net profits to Dh206 million for the first quarter of 2012, up from Dh92 million in the corresponding period last year. Gross revenue increased 14 per cent to Dh700 million, up from Dh616 million, while gross profit grew 34 per cent to Dh451 million, up from Dh337 million, the company said in a statement. Its production, however, declined 5.5 per cent to 63,000 barrels of energy per day (boepd), from 66,800 boepd. Net profit rose principally from higher realised hydrocarbon prices during the quarter. The net profit excludes an unrealised gain of Dh135 million on Dana Gas's three per cent shareholding in MOL, the Hungarian listed oil and gas company and a strategic partner in Dana Gas's Kurdistan Region of Iraq operations.