Dana Net Profit Plunges

2 February 2010 (Last Updated February 2nd, 2010 18:30)

Abu Dhabi-based gas company Dana has posted a fourth-quarter loss of AED193m ($52.54m), its second consecutive loss after accounting write-offs and the impairment of some oil and gas assets last year. Net profit for 2009 fell due to write-offs of exploration costs and the impairment of

Abu Dhabi-based gas company Dana has posted a fourth-quarter loss of AED193m ($52.54m), its second consecutive loss after accounting write-offs and the impairment of some oil and gas assets last year.

Net profit for 2009 fell due to write-offs of exploration costs and the impairment of oil and gas assets, including the revision of Tunisian and Nigerian asset values and a decrease in inventory and land values.

Dana's net profit for the full year 2009 fell by nearly 27% to AED88m ($23.9m) compared with AED120m ($32.6m) in 2008.

The company's comprehensive income for 2009 was AED458m ($124.6m) compared with AED120m ($32.6m) in 2008.

Dana Gas Egypt's oil equivalent production for 2009 was 12.7mmboe or 34,700boepd, which represents a 20% rise compared with 2008 production from eight gas discoveries.