RAK Petroleum has reported an 80 per cent drop in first-quarter net profit, in part reflecting a loss by its Norwegian affiliate DNO International.
The privately held Ras al Khaimah oil and gas producer posted net income of Dh5.9 million (US$1.6m) on Dh63m of revenue for the first three months of this year, down from Dh30.5m net profit for the same period a year ago.
Without a share of the 65.4m Norwegian krone (Dh43.1m) first-quarter net loss by DNO, in which it holds a 30 per cent interest, RAK Petroleum's first-quarter profit would have fallen 38 per cent to Dh19m.
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