Dana Gas made a net profit of Dhs241 million ($66 million) in the first quarter of 2013, up 17 per cent from a year ago, the Abu Dhabi-listed energy firm said on Tuesday.
But revenue and gross profit fell during the first three months of 2013, because of a conservative capital expenditure policy and a temporary suspension of liquefied petroleum gas production in the Kurdistan region of Iraq, the company said in a statement. Revenue dropped 20 per cent to Dhs557 million.
“Revenues and gross profits are expected to increase as new discoveries in Egypt are brought to production and upon resumption of LPG production in Kurdistan in June 2013 following completion of repairs to the LPG loading bay,” the company said.
During the first three months of 2013, Dana collected $41 million in receivables from Egypt and $32 million from Kurdistan.
Last October Dana became the first company in the United Arab Emirates to miss repayment of a maturing bond; it subsequently agreed new terms with a creditor committee representing bondholders.