One and only listed natural gas company of Gulf, Dana Gas is hopeful to register adequate growth in its net profit during the first quarter after reporting consecutive loss due to slowdown and asset impairments in the past.

There could be a rise in its net profit in Q1 due to increase in oil production, rise in oil prices and handling the costs effectively. The gas company reported a loss of 193 million dirhams in the fourth quarter.

Chief Financial Officer, Dana Gas, James Dewar, told reporters, "We are entering the first quarter with confidence. I expect Dana Gas to be delivering positive net profit after tax in Q1."

In the mean time, Dana's Egyptian unit President hopes 20 per cent rise in oil and gas output that would significantly push its revenue during the period.

The company reported decline in its net profit to 8 million dirhams from 120 million dirhams in 2008. Its comprehensive revenue too surged to 458 million dirhams from 120 million dirhams in the previous year.

CFO Dewar said that that the firm would continue its acquisition plans for which it has already reserved $200 million.