UAE's Dana Gas posts nearly $19mln H1 loss

It had $366mln in cash and cash equivalents at the end of June versus $425mln at the end of 2019

  
Dana Gas and Crescent Petroleum gas production from Khor Mor Field. Image used for illustrative purpose.

Dana Gas and Crescent Petroleum gas production from Khor Mor Field. Image used for illustrative purpose.

Dana Gas / Handout via Zawya

DUBAI - Dana Gas on Thursday posted a first-half loss of 69 million dirhams ($18.79 million) which included a $37 million impairment charge related to oil and gas assets in Egypt affected by low oil prices.

UAE-based Dana Gas, which made a profit of 513 million dirhams a year earlier, said the loss also reflected the decreased value of its financial assets.

It had $366 million in cash and cash equivalents at the end of June versus $425 million at the end of 2019.

($1 = 3.6728 UAE dirham)

(Reporting by Yousef Saba; editing by Jason Neely) ((Yousef.Saba@thomsonreuters.com; +971562166204))

More From Commodities