Special to WorldTribune.com

ABU DHABI — A leading Gulf energy company has reported a drastic decline in profits in 2013.

Dana Gas, based in the United Arab Emirates, reported a sharp decline in profits during the second quarter of this year.

The company reported net profit at $27.2 million, compared to $49.2 million during the same period in 2012.

The decline came in wake of Dana’s resolution of an unpaid $920 million Islamic bond. In April 2013, Dana restructured the bond in an effort to pay creditors.

Dana also sustained a drop in revenues from $150.8 million in Q2 2012 to $143.7 million over the last quarter. The company said overall production
increased by five percent to 61,700 barrels of oil equivalent per day.

  $920 million Islamic bond, Dana Gas, UAE energy firm reports sharp drop in profits