KrisEnergy slips into US$18.3m Q1 net loss

KRISENERGY swung to a net loss of US$18.3 million for the three months ended March 2016 from a net profit of US$46.2 million a year ago.

The loss was mainly attributable to higher non-cash depreciation, depletion and amortisation expenses for producing assets, the company said on Friday.

Revenue for Q1 2016 amounted to US$33.1 million, up sharply from US$11.4 million previously as a result of higher crude oil sales, which included a full quarter of sales from the Wassana and Nong Yao oil fields, and higher gas revenue as a result of an increase in production.

Optimised production at each field has helped to mitigate the impact of depressed benchmark oil prices, it said.

Loss per share for the quarter was 1.2 US cents, compared to earnings per share of 4.4 US cents a year ago.