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Friday, 12 August 2016

Dana Gas Net Climbs as Interest Income Makes Up for Price Slump - Bloomberg

Dana Gas Net Climbs as Interest Income Makes Up for Price Slump - Bloomberg:

"Dana Gas PJSC, which produces natural gas in Egypt, Iraq and the United Arab Emirates, boosted second-quarter profit as interest income more than made up for a decline in oil and natural gas prices.
Net income rose to 26 million dirhams ($7.1 million) for the three months ended June 30, from 25 million dirhams a year earlier, the company said in an e-mailed statement Thursday. Interest income on overdue receivables was 51 million dirhams, with cash on hand at 1.26 billion dirhams. Revenue fell 17 percent to 351 million dirhams.
Dana Gas pumps fuel from its home base of Sharjah in the U.A.E. along with production areas in Egypt and Iraq’s semi-autonomous Kurdish region. Cash on hand has declined as the company bought back $50.3 million of outstanding Islamic bonds and may consider more buybacks."



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