Kris Energy swings to US$25.2m loss in Q2

EXPENSES related to the transfer of a US$108.3 million revolving credit facility weighed down Kris Energy's results for the second quarter.

It sank into the red, recording a net loss of US$25.2 million for the three months ended June 30, 2016, compared with a net profit of US$9.6 million in the year-ago period, the group said in a Singapore Exchange filing on Sunday evening.

It said the slump was "due to non-cash depreciation, depletion and amortisation expenses incurred in relation to the group's producing assets and non-recurring finance costs related to the transfer of the US$108.3 million revolving credit facility to DBS on June 30, 2016".

Revenue for Q2 leapt 163.7 per cent to US$30.7 million from the previous year. The expansion in revenue was due to the increase in crude oil sales and despite the fall in average realised selling prices, it said.

It posted a loss per share of 1.7 US cents, compared with earnings per share of 0.9 US cent in the previous year. Net asset value per share slipped to 0.30 US cent as at June 30, from 0.33 US cent as at Dec 31, 2015.

No dividend was proposed. Kris Energy shares closed at S$0.124 on Friday.