Dana Gas Q2 net profit falls on sukuk restructuring costs | Reuters:
United Arab Emirates-based energy company Dana Gas reported a 14 percent decrease in second quarter net profit on Tuesday, citing one-off sukuk restructuring costs.
Dana Gas has been at the centre of a long and complex legal dispute with its creditors when last year it halted payments on $700 million in sukuk, or Islamic bonds, saying the instruments had become unlawful in the UAE.
After reaching a consensual restructuring agreement in May, the firm said on Tuesday it completed the sukuk refinancing and that all legal proceedings have been brought to an end by the parties involved in the dispute.
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