CWX Global Q2 profit almost triples to US$1.1m on one-off gains, lower borrowings

CWX Global's net profit in its second fiscal quarter almost tripled to US$1.0 million from a year-ago US$383,000 on one-off gains and a decline in borrowings.

On a per-share basis, earnings for the three months ended Dec 31, 2017 grew to 0.06 US cent from 0.04 US cent. For the six months ended December, net profit stood at US$371,000, or 0.02 US cent per share, from a year-ago US$69,000, or 0.01 US cent per share.

Second-quarter revenue fell 51 per cent to US$1.3 million as a natural decline in existing wells and lower investments in drilling led CWX's share of the oil production volume from its Thailand concession to fall to 24,584 barrels from a year-ago 59,740 barrels.

However, other income doubled to US$1.6 million as the company recognised gains from the settlement of consideration due to Carnarvon Thailand for a Thailand concession. That consideration was settled by issuing new CWX shares.

Finance costs also declined by US$0.3 million to US$0.4 million due to a decrease in bank borrowings.

Net asset value per share fell to 1.65 US cents as at Dec 31, from 3.16 US cents six months earlier.

CWX shares closed unchanged at S$0.009 on Monday.