(MENAFN) Dana Gas, the independent gas company headquartered in Sharjah, recorded a net profit of USD12 million in the first quarter of the year, marking a huge decrease by 73.3 percent, Reuters reported.
The decrease came down as a result of low hydrocarbon prices. However, the company is still insisting on its offshore gas project, located in the UAE.
The company's profit in the corresponding period a year ago was recorded at USD45 million. Nonetheless, it is now indebted a total of USD243 million in Egypt and USD770 million in Iraqi Kurdistan.
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