Dana Gas PJSC, a United Arab Emirates energy company, said second-quarter profit after tax reached 33 million dirhams ($8.98 million) on higher production and hydrocarbon prices.
Net income rose by 62 million dirhams from a year earlier, excluding second-quarter 2009 gains from asset sales, Dana said in a statement to the stock exchange. The company reported 392 million dirhams in profit for the year-earlier period that included proceeds from the sale of a stake in a unit in Iraqi Kurdistan.
Earnings at U.A.E.-based energy companies like Dana and Abu Dhabi National Energy Co., the state-run utility known as Taqa, were helped by oil prices, which rose to an average $78.05 a barrel in the quarter from $59.79 a year earlier. Dana is developing gas deposits, production and transport facilities in Egypt, Iraq’s northern Kurdish region and the U.A.E.
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