Sunday 11 February 2018

Dana Gas swings to net profit in 2017 boosted by settlement with Kurdistan Regional Govt | ZAWYA MENA Edition

Dana Gas swings to net profit in 2017 boosted by settlement with Kurdistan Regional Govt | ZAWYA MENA Edition:

"United Arab Emirates energy producer Dana Gas swung to a net profit of $83 million in 2017 from a net loss of $88 million a year earlier after a $1 billion payment as part of a settlement with the Kurdistan Regional Government (KRG).

The company's revenues were also boosted by higher oil prices and higher production in Egypt and Kurdistan, where the Abu Dhabi-listed producer has its main assets.

However, Dana posted a net loss of $42 million in the fourth quarter of last year, Reuters calculated in the absence of a quarterly breakdown, compared with a $7 million profit in the same period a year earlier. "



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