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 o…