Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has announced quarterly results to September 30, 2008, posting revenue from oil and gas production of AED320 million, a 16 percent increase over the same period last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reflecting cash flows from operations for the third quarter of 2008 increased by 32 percent to AED145 million compared to AED110 million in the same period last year. Net profit for the quarter was AED26 million as compared to AED22 million in the same period last year, an increase of 18 percent after finance charges of AED65 million, non-cash depreciation and depletion of AED73 million and income tax expense of AED39 million during the quarter. Total assets as of Sept. 30, 2008 stood at AED10.8 billion. Dana Gas' oil and gas production in Egypt ended the quarter with a production of 2.57 million barrels of oil equivalent (boe) and contributed higher revenues due to better realizations of LPG and condensates. The company generated total revenue of AED901 million for the nine-month period ended Sept. 30, 2008, with a gross profit of AED200 million, net profit of AED85 million and EBITDA for the first nine months was at AED451 million, an increase of 50 percent over the same period last year.
