UAE’s Dana Gas posts 85 per cent slump in profit | The National

UAE’s Dana Gas posts 85 per cent slump in profit | The National:



"Profit at Sharjah-based Dana Gas tumbled by 85 per cent in the second quarter amid the slump in oil prices and lower production.



The Abu Dhabi-listed company’s net profit fell to Dh25 million compared with Dh169m over the same period last year. Revenues fell to Dh425m from Dh685m in the earlier period.



Dana Gas pointed to a “natural decline” in production from its Egyptian assets, which resulted in an overall 9 per cent drop in production levels over the year- earlier quarter."



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