KrisEnergy back in the black on one-off gains

Singapore

DESPITE a trying time for the crude oil industry, oil exploration and production firm KrisEnergy has swung to a net profit of US$46.3 million for the first quarter ended March, from a net loss of US$17.97 million a year ago.

The group said that the surge in earnings was mainly from the recognition of one-off gains of US$45.2 million from its acquisition of Block A Aceh and a US$7.3 million gain from the transfer of working interest for Block 105 and Block 120.