Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has posted revenue of AED 309 million from oil and gas production in the second quarter ended June 30, 2008, a 28 percent increase over the same period last year. EBITDA (earnings before interest, depreciation and depletion and income tax), reflecting cash flows from operations for the second quarter of 2008 increased by 76 percent to AED164 million compared to AED 93 million in the same period last year, the company said in a statement on Thursday. Net profit for the quarter was AED34 million as compared to AED29 million in the same period last year, an increase of 17 percent, after finance charges of AED67 million, non cash depreciation and depletion of AED76 million and income tax expense of AED42 million during the quarter. Dana Gas' oil and gas production in Egypt ended the quarter with a production of 2.51 million barrels of oil equivalent and contributed higher revenues due to better realizations of LPG and condensates. Its total revenue for the six-month period ended June 30 amounted to AED581 million, with a gross profit of AED113 million, net profit of AED59 million and EBITDA for the first half was at AED306 million, an increase of 60 percent over the same period last year. “Despite these positive financial results, Dana Gas is just at the beginning of an important phase of rapid growth, Hamid Jafar, executive chairman of Dana Gas. “This year is of great significance to Dana Gas, as we build on a healthy financial position, with the start up soon of our major projects in both the UAE and Northern Iraq, which will provide a major boost in propelling Dana Gas to the next level and add significant value to our shareholders. “In Egypt, we also are implementing an extensive drilling campaign which we hope will significantly increase our reserves and production - we have already made two important new discoveries and hope to add to these further by the end of the year,” he added. __
