(MENAFN) UAE-based Dana Gas has posted a net profit increase of 12 percent in the last quarter of 2013, Arabian Business reported
The firm said that its net profit in the period came at USD34.9 million, while its full year profit hit USD155.4 million, increasing 6 percent from the year before it
The company said that this was due to increased royalty payments to the Egyptian government and lower sales of liquid petroleum gas (LPG) in the Kurdistan region in Iraq
The company's collections in Egypt hit USD134 million last year, putting the balance for trade receivables at USD274 million at the end of December
It also collected USD69 million from the Kurdistan region early last year, but the flow of funds dried up, which caused the trade receivable balance to come at USD515 million at the end of 2013, increasing from USD354 at the end of the previous year
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