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FinancialNews
06-05-19
UAE's Dana Gas climbs 150 percent in net profit
(MENAFN) UAE's Dana Gas witnessed considerable improvement in its activities with net profit surging 150 percent from January to March 2019.
In a statement, the Sharjah-based energy company revealed its net income to have stood at USD35 million during the first quarter of this year.
These figures were registered amid reduced financing costs and increasing income from other sources that achieved higher profitability.
However, Dana Gas was struck with a decline in revenues, "reflecting decrease in realised hydrocarbon prices during the quarter."
Chief Executive of Dana Gas Patrick Allman-Ward stated "we have started the year as we left off in 2018 with a strong operational focus and good financial results," adding "our revenues and cash-flow are robust and we more than doubled our net profit."
MENAFN0605201900450000ID1098480995
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