DUBAI (Zawya Dow Jones) - Dana Gas said it has been pre-qualified in Lebanon's first offshore licensing round where 10 deep water exploration blocks are available, as the Abu Dhabi-listed firm posted a 17% jump in first-quarter net profit.
Dana Gas said net income in the three months ending March 31 was 241 million U.A.E. dirhams ($66 million), up from AED206 million in the year earlier quarter.
The company said revenues in the first quarter fell 20% however to AED557 million owing to a conservative cash policy towards capital expenditure and a temporary suspension of liquefied petroleum gas production in Kurdistan Region of Iraq.
Dana has faced persistent issues collecting payments for its products in Egypt and Iraq's Kurdistan region, where it has large gas exploration and production operations.
The company had AED2.3 billion in net trade receivables at the end of the first quarter, it said.
Dana's issues in Egypt and Kurdistan amid political instability in both places have long been a thorn in Dana's side.
"We have had an active start to the year. Egypt and Kurdistan have increased their quarterly production as we brought on stream discoveries, added compression facilities to enhance current production," said Rashid Al-Jarwan, the acting chief executive of Dana Gas.
Dana recently completed the restructuring of a $920 million Islamic bond that it failed to repay on time last October. Its shares closed Monday at AED0.57
Copyright (c) 2012 Dow Jones & Company, Inc.
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