DUBAI: United Arab Emirates-based energy firm Dana Gas on Thursday reported a 95 percent drop in fourth-quarter net profit, partly because of a one-off gain in the year-earlier period. Dana made a net profit of $7 million in the three months to Dec. 31, according to Reuters calculations. This compared to a profit of $134.2 million in the same period a year earlier. In the fourth quarter last year, the company received cash from RWE, settling an arbitration case involving Pearl Petroleum Co. It didn’t disclose the cash amount received.
Dana reported a full-year net profit of $33 million for 2016, compared with a profit of $144 million in 2015, according to a bourse statement. The company did not provide a quarterly breakdown. In recent quarters Dana has been awaiting receivables owed to it in both Egypt and the Kurdistan region of Iraq, following political and economic turbulence in both places which have delayed payments. Dana Gas was owed $265 million in Egypt and $713 million in Iraqi Kurdistan as of Dec. 31, the company has said previously.
