Dana Gas Has Quarterly Profit, More Cash After RWE Payment
- Company received arbitration payment for stake in Iraq venture
- Dana Gas plans to boost production by the end of the year
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Dana Gas PJSC, the United Arab Emirates-based company with most of its production in Egypt and Iraq, had a quarterly profit after receiving an arbitration settlement and payment for a stake in its Iraqi venture.
Net income was 487 million dirhams ($133 million) in the fourth quarter, compared with a loss of 15 million dirhams a year earlier, according to Bloomberg calculations based on the company’s preliminary results released Sunday. Full-year profit rose 15 percent to 528 million dirhams, the company said in a statement Sunday.