UAE’s Dana Gas sees net profit slide 45%

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Dana Gas, the United Arab Emirates energy firm that restructured a $920 million Islamic bond in April, said on Sunday that its second-quarter net profit fell sharply.

Dana made a net profit of Dh100m ($27.2m), the company said in an emailed statement. This compares with Dh181m a year earlier.

Revenues for the second quarter were Dh528m, down from Dh554m, it said.

Dana said its average overall production volume was up 5 percent to 61,700 barrels of oil equivalent per day in the second quarter.

Dana Gas is listed on the Abu Dhabi Securities Exchange.

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