UAE’s Dana Gas reports sharp drop in fourth quarter profit

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UAE-based energy firm Dana Gas on Thursday reported a 95 percent drop in fourth-quarter net profit.

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.

The company reported a full-year net profit of $33 million for 2016, compared with a profit of $144 million in the same period in 2015, according to a bourse statement. The company did not provide a quarterly breakdown.

Dana has been hamstrung in recent quarters as it awaits receivables owed in both Egypt and the Kurdistan region of Iraq, following political and economic turbulence in both places which have delayed payments.

Dana Gas is owed $265 million in Egypt, and $713 million in Iraqi Kurdistan as of Dec. 31, Dana said.

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