Dana Gas Quarterly Profit Falls 45 Percent on Lower Oil Price

Dana Gas PJSC, an oil and natural gas producer forced to restructure debt last year, said second-quarter profit fell 45 percent as selling prices declined and damage at a production unit in Iraq cut output.

Net income dropped to 100 million dirhams ($27 million) from 181 million dirhams in the same period a year ago, the company said in a statement to the Abu Dhabi stock exchange today. Revenue fell 12 percent to 389 million dirhams.