* Q1 net 241 million dirhams
* Earnings boosted by $135 mln from MOL share sale
* Hydrocarbon sales drop 20 pct to 557 mln dirhams
(Adds profit boosted by sale of MOL stake)
DUBAI, May 14 (Reuters) - Dana Gas
The Abu Dhabi-listed company said on Tuesday revenue and gross profit fell in the first three months of 2013, because of a conservative capital expenditure policy and the shutdown of liquefied petroleum gas (LPG) production in the Kurdistan region of Iraq.
Sales of hydrocarbons dropped 20 percent to 557 million dirhams, the company said in a statement.
But the one-off sale of around half Dana Gas' stake in Hungarian oil and gas group MOL in February helped offset lower sales revenue and a 3 percent drop in production.
"Revenues and gross profits are expected to increase as new discoveries in Egypt are brought to production and upon resumption of LPG production in Kurdistan in June 2013, following completion of repairs to the LPG loading bay," the company said.
Delays in getting paid for supplies of natural gas to Egypt and Kurdistan forced the company to restructure its debt late last year, after it failed to pay a $920 million Islamic bond on maturity in October.
During the first three months of 2013, Dana collected $41 million in receivables from Egypt and $32 million from Kurdistan. But net receivables stood at $625 million on March 31, up from $589 million owed to Dana at the end of 2012.
Last October Dana became the first company in the United Arab Emirates to miss repayment of a maturing bond, but it completed the refinancing of its $920 million Islamic bond at the end of April.
(Reporting by Daniel Fineren; Editing by Andrew Torchia and David Holmes)
((daniel.fineren@thomsonreuters.com)(+971 4 453 6482)(Reuters Messaging: daniel.fineren.thomsonreuters.com@reuters.net))
Keywords: DANA RESULTS/
