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OIL exploration and production firm Loyz Energy on Thursday reported a net profit of US$100,000 for its third quarter ended March, versus a net loss of US$3.11 million in the year-ago period.
Revenue over the same period surged to US$4.7 million, from US$2.18 million in the corresponding period last year, due to the sale of crude oil from its Thailand concessions.
The group's other income also increased by about US$400,000 mainly due to the foreign-exchange gain arising from a stronger US dollar against the Singapore dollar on revaluation of payables balances.
For the nine months ended March, net profit was US$818,000, versus a net loss of US$3.52 million in the year-ago period. Meanwhile, revenue was up 80 per cent at US$17.23 million from US$9.6 million.
Despite lower oil prices in the latest quarter versus the year-ago period, the group turned in a total comprehensive income of US$130,000, benefiting from the increase in net production and a low operating cost per barrel of approximately US$14 per barrel.
The group has also entered into an agreement to terminate the lease of two rigs with Fram Exploration ASA for US$13.8 million and, subsequently, to dispose of these rigs to the company's controlling shareholder, Jit Sun Investments Pte Ltd, to be completed in the fourth quarter of the current financial year.
Looking ahead, the group expects contribution from its Thailand fields to continue to grow significantly going forward and it is poised to deliver Ebitdax (earnings before interest, tax, depreciation, amortisation and exploration expenses) of US$12 million for the financial year ending June 30, 2015.
Earnings per share for the quarter was 0.02 US cent while net asset value per share was 17.54 US cents. No dividends were declared for the quarter.
As at 10.48am on Thursday, the counter was trading up 0.89 per cent at S$0.113.