Sunday 16 August 2009

UAE's Dana Gas profit up on Iraq unit sale, eyes buys

United Arab Emirates (UAE) firm Dana Gas DANA.AD saw second-quarter profit surge after making a one-off gain from a stake sale of its Iraqi unit and said it is eyeing acquisitions in the second half of the year.

Dana said in a statement on Saturday net income in the three months to June 30 rose to 392 million dirhams ($106.7 million) from 34 million dirhams a year earlier.

In May, Dana said it was part of a UAE and European consortium planning to pump enough gas from Iraq's Kurdistan region to kick-start the estimated $10 billion Nabucco pipeline project to supply Europe.

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