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Dana Gas FY net profit soars 20pct
- United Arab Emirates: Sunday, February 03 - 2013 at 14:54
The ADX General Index closed flat at 2,878.30 points. Merger candidates Aldar Properties and Sorouh Real Estate gained 0.70% and +/-0%, respectively. Dana Gas ended Sunday trading likewise unchanged at Dhs0.50. Earlier in the day, Dana Gas said the net income in 2012 increased by 20% year-on-year, amounting to Dhs605m. In 2012, the Company collected Dhs1.1bfrom its share of receivables in Egypt and Kurdistan Region of Iraq, said Dana. The Sharjah-based energy reached a restructering deal with credittor on Dec. 10 after the firm failed to settle a convertible Islamic bond (sukuk) of nearly $1bn in Oct. 2012, a first in the UAE's corporate history. Dana faced liquidity shortages after clients in Egypt and in Kurdistan failed to pay their invoices on time.
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Gérard Al-Fil, Financial JournalistSunday, February 03 - 2013 at 14:54 UAE local time (GMT+4)
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