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Thursday, 11 May 2017

Dana Gas profit rises but uncertainties remain | The National

Dana Gas profit rises but uncertainties remain | The National:

"Dana Gas’s first-quarter profit jumped 83 per cent from a year earlier but spending is on hold amid uncertainty over back payments and refinancing. The Sharjah company said its net profit after tax was US$11 million in the first three months of the year, up from $6m, resulting from higher production and market prices. Output climbed 16 per cent with realised prices up more than 40 per cent, boosting revenue by 44 per cent to $118m. Yet outstanding arrears amounting to $1 billion from Egypt and the Kurdistan Regional Government, in addition to arbitration with Iran, have placed more pressure on the producer."



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Emirates Profit Drops 70% on Stuttering Economies, Terror Impact - Bloomberg

Emirates Profit Drops 70% on Stuttering Economies, Terror Impact - Bloomberg:

"Emirates Group, the biggest long-haul airline, posted its first decline in annual profit for five years as the low oil price weighed on Persian Gulf economies and terrorist attacks discouraged people from traveling. Net income for the 12 months ended March 31 tumbled 70 percent to 2.5 billion dirhams ($681 million) as revenue edged 2 percent higher to 94.7 billion dirhams, Dubai-based Emirates said Thursday. The company suspended dividend payments to its government shareholder."



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Australian-led group pays $5.6 billion for NSW energy grid, foreigners in back seat | Reuters

Australian-led group pays $5.6 billion for NSW energy grid, foreigners in back seat | Reuters:

"The Australian state of New South Wales on Thursday said it has sold power grid Endeavour Energy to a consortium led by Macquarie Group Ltd (MQG.AX) for A$7.62 billion ($5.61 billion), relegating foreign bidders to a minority stake. The sale to a group led by Macquarie, Australia's biggest investment bank, and top pension fund manager AMP Ltd (AMP.AX) was politically sensitive due to opposition to foreign infrastructure purchases since NSW launched an energy privatization program in 2015. The federal government in December signaled that any single foreign investor would not be allowed to own more than half of the 50.4 percent stake being sold in the state's third-biggest energy grid."



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UPDATE 1-UAE's TAQA swings to Q1 profit on higher commodity prices | Reuters

UPDATE 1-UAE's TAQA swings to Q1 profit on higher commodity prices | Reuters:

"Abu Dhabi National Energy Co (TAQA), which got a financial lifeline from its top shareholder last month, swung to its first profit in two years due to higher commodity prices, driving its shares up on Thursday.

Shares of the loss-making, state-controlled oil explorer and power supplier jumped 12 5 percent by noon on the Abu Dhabi Securities Market (ADX).

Last month the Abu Dhabi Water & Electricity Authority (Adwea) raised its stake in the firm to 74 percent from 52.38 percent after granting TAQA land valued at 18.7 billion dirhams that could potentially offset accumulated losses. ."



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Profit Outlooks Give Life to Bottom-Dwelling Saudi Shares - Bloomberg

Profit Outlooks Give Life to Bottom-Dwelling Saudi Shares - Bloomberg:

"Saudi Arabia is working its way out of an economic slump faster then expected, prompting analysts to upgrade earnings estimates for stocks in the world’s largest oil exporter. Twelve-month profit expectations for members of the Tadawul All Share Index have climbed to the highest level since November, while the index has dropped 4 percent since Jan. 1. That’s made the benchmark the cheapest relative to emerging markets in six months. The gauge’s slump ranks it among the world’s five worst performers, bucking a 15 percent rally that has marked the best start to a year for emerging stocks since 2009."



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Saudi Reports Quarterly Budget Deficit of 26.2 Billion Riyals - Bloomberg

Saudi Reports Quarterly Budget Deficit of 26.2 Billion Riyals - Bloomberg:

"Saudi Arabia reported a first quarter budget deficit of 26.2 billion riyals ($7 billion) as oil revenue surged, the Ministry of Finance said. Revenue for the three months to March rose 72 percent from a year earlier to 144.1 billion riyals, while expenses fell 2.7 percent to 170 billion riyals, the ministry said in a report on Thursday. Oil revenue more than doubled to 112 billion riyals from 52 billion riyals, while non-oil revenue was 1.3 percent higher at 32.1 billion riyals."



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