KrisEnergy's Q1 profit swings to US$46.3m, from one-off gains

KRISENERGY's net profit for the quarter ended March 31, 2015, surged to US$46.3 million, versus a net loss of US$17.97 million in the year-ago period, mainly attributable to the recognition of one-off gains from its acquisition of Block A Aceh and transfer of working interest for Block 105 and Block 120, which was offset by lower revenue.

Revenue for the quarter was down 46.1 per cent at US$11.42 million, compared to US$21.21 million in the corresponding period a year ago, as the fall in global oil prices halved the average oil and liquids sales price realised by the group.

The outlook for the global oil market remains challenging, the group acknowledged in a note on Thursday.

"There is potential for price volatility to remain high in the near to medium terms due to heightening geopolitical tensions and/or uncertainty over the global economic outlook resulting in concerns over supply-demand dynamics. Likewise, any cost deflation in third-party services, equipment and materials is yet to be fully quantifiable," KrisEnergy said.

Earnings per share for the quarter stood at 4.4 US cents, while net asset value per share was 46 US cents.

No dividends were declared for the quarter.

On Wednesday, KrisEnergy's counter had closed trading unchanged at S$0.50.