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.

During the quarter under review, the cost of sales fell 30 per cent to US$1.82 million, which contributed to a gross profit of US$5.05 million versus a gross loss of US$601,000 previously. Earnings before interest, taxation, depreciation, amortisation and exploratory expenses (Ebitdax) came to US$4.54 million, compared to a loss of US$1.84 million.

"Besides developing our existing oil and gas properties, the group is seeking opportunities to acquire producing oil and gas properties with a view to enhancing shareholder value," Loyz said. "The group also intends to explore various fund raising options in the coming months to fund its commitments, working capital and potential acquisitions."

The counter closed at 17.6 Singapore cents on Monday, up by 1.1 per cent or 0.2 cent.