Dana Gas 2013 profits drop to Dh571m | GulfNews.com

Dana Gas 2013 profits drop to Dh571m | GulfNews.com:



"Dana Gas, one the Middle East’s largest regional private sector natural gas companies, reported net profit of Dh571 million for 2013, marking a drop from the Dh605 million of 2012. Meanwhile, its total revenue hit Dh2.39 billion, marking an increase from 2012’s Dh2.32 billion.



In a statement issued by the company on Thursday, the drop in net profit was attributed to the lower sales of LPG in the Kurdistan region of Iraq, along with an increase in royalty payments, and higher depreciation, depletion, and amortisation expenses in Egypt.



The growth in revenues was driven principally by an eight per cent increase in gross production, reaching 64,700 barrels of oil equivalent per day. The increase was led by Egypt, which increased production by 14 per cent, and contributed Dh1.5 billion to gross revenue. In 2012, Egypt contributed Dh1.4 billion to revenue."



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