DUBAI - Dana Gas DANA.AD posted a fourth quarter loss of 193 million dirhams ($52.54 million), its second consecutive loss, after 2009 accounting write-offs and the impairment of some oil and gas assets
The Abu Dhabi-listed firm however said it would pursue targeted acquisitions.
Dana's full-year 2009 net profit fell to 88 million dirhams from 120 million dirhams in 2008, for a net loss of 193 million dirhams in the quarter, according to Reuters calculations.
The quarterly result falls far short of expectations set by a Reuters poll of three analysts who on average predicted a profit of 30 million dirhams.
"The decline in net profit was mainly due to exploration writeoffs in 2009 plus the impairment of certain oil and gas assets," Dana said in a statement.
Comprehensive income for the year rose to 458 million dirhams compared to 120 million dirhams one year earlier.
The Gulf's only listed natural gas company said the results exclude an unrealized gain of 370 million dirhams recorded for its investment in Hungary's MOL MOLB.BH oil and gas firm, which was booked directly to equity.
In May, Dana said it was part of a UAE and European consortium that includes Austria's OMV (OMVV.VI) and Hungary's MOL planning to pump enough gas from Iraq's Kurdistan region to kick-start the estimated $10 billion Nabucco pipeline project to supply Europe.
"The Dana Gas Group continues to maximize the value of its existing oil and gas assets and projects, while pursuing growth through a strategy of targeted acquisitions and new business development across the gas value chain," the company said.
Dana Gas shares have fallen 3 percent so far in 2010 after a 59 percent rise in 2009.
The Abu Dhabi-listed firm however said it would pursue targeted acquisitions.
Dana's full-year 2009 net profit fell to 88 million dirhams from 120 million dirhams in 2008, for a net loss of 193 million dirhams in the quarter, according to Reuters calculations.
The quarterly result falls far short of expectations set by a Reuters poll of three analysts who on average predicted a profit of 30 million dirhams.
"The decline in net profit was mainly due to exploration writeoffs in 2009 plus the impairment of certain oil and gas assets," Dana said in a statement.
Comprehensive income for the year rose to 458 million dirhams compared to 120 million dirhams one year earlier.
The Gulf's only listed natural gas company said the results exclude an unrealized gain of 370 million dirhams recorded for its investment in Hungary's MOL MOLB.BH oil and gas firm, which was booked directly to equity.
In May, Dana said it was part of a UAE and European consortium that includes Austria's OMV (OMVV.VI) and Hungary's MOL planning to pump enough gas from Iraq's Kurdistan region to kick-start the estimated $10 billion Nabucco pipeline project to supply Europe.
"The Dana Gas Group continues to maximize the value of its existing oil and gas assets and projects, while pursuing growth through a strategy of targeted acquisitions and new business development across the gas value chain," the company said.
Dana Gas shares have fallen 3 percent so far in 2010 after a 59 percent rise in 2009.
