Dana Gas PJSC, a United Arab Emirates energy company, posted a third-quarter profit compared with a year-ago loss, attributing the result to higher product prices and output and fewer write-offs due to exploration costs.
Net income rose to 33 million dirhams ($8.99 million) in the quarter from a 79 million-dirham loss in the same period last year, the company said in a statement today. Dana Gas expects to earn a profit for the full year, in line with its results for the first three quarters, Chief Executive Officer Ahmed Al-Arbeed said in an interview.
“We will continue growing,” Al-Arbeed said, adding the company expects to reach its target of boosting production by 20 percent this year. “The quarterly result was due to higher production and lower exploration write-offs.”
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