DUBAI Feb 20 United Arab Emirates-based Dana
Gas on Monday revised down its unaudited preliminary
results for 2016 to a net loss of $88 million from the net
profit of $33 million which it had previously reported.
Dana cited the result of a ruling by London's Court of
International Arbitration earlier this month in its dispute with
the Kurdistan Regional Government (KRG). Last week, Dana said
the court ordered the KRG to pay $121 million to a consortium
including it for condensate and liquefied petroleum gas.
On Monday, however, Dana said the tribunal had also found
that Pearl Petroleum Co, in which Dana Gas has a 35 percent
stake, was entitled to interest on overdue receivables from the
KRG at the London interbank offered rate plus 2 percent.
Previously, Dana had calculated its own share of overdue
receivables under different assumptions.
The change reduced the unrealised interest recorded on
Dana's books, causing a one-time adjustment of $121 million,
although the adjustment is a book entry which does not have any
impact on the company's actual cash flow for 2016 or cash
balance, the company said.
(Reporting by Davide Barbuscia; Editing by Andrew Torchia)