Loyz Energy swings into the black in Q1

Singapore

EXPLORATION and production energy firm Loyz Energy turned in a net profit of US$541,000 for Q1 FY2015, compared to a loss of US$1.63 million for the corresponding quarter a year ago.

Revenue more than tripled to US$6.87 million, up from US$2 million previously, due to the group's share of crude oil from its Thailand concessions. Thailand continued to perform well despite lower average oil prices vis-a-vis Q4 FY2014, it said. The group owns 20 per cent of three concessions in the Phetchabun Basin, north of Bangkok. Earnings per share worked out to 0.13 US cent, versus a loss per share of 0.47 US cent previously.