Abu Dhabi – Mubasher: Dana Gas suffered losses of AED 323 million ($88 million) in fiscal year 2016, according to audited financial statements.
The comapany's arbitration with the Kurdistan Region of Iraq (KRG) had a financial impact on the company’s financial results.
The tribunal ruled on 13 Fenruary that Pearl Petroleum Company (PPCL) was entitled to interest on overdue receivables at Libor, plus 2% compounded monthly.
The company posted a net profit after tax of AED 121 million ($33 million) in its 2016 preliminary unaudited financial results filed on 9 February 2017.
Dana Gas’ share of interest on overdue receivables stood at AED 690.505 million ($188 million) from 2008 to 2016.
In addition, the total interest allowed by the ruling stood at AED 246.084 million ($67 million).
Dana Gas will reduce the unrealised interest recorded in its books on its share of the overdue balance from the KRG of $713 million as of 31 December 2016, by a one-time adjustment of $121 million.
