Loyz Energy back in the black, posts profit of US$11.4m for Q4

THE successful renegotiation of the consideration for the acquisition of a Thailand concession between Loyz Energy and Carnarvon Thailand, resulting in a gain on derecognition of deferred consideration of US$19 million, boosted results for Loyz Energy (Loyz) for its fourth quarter.

Net profit was US$11.4 million, a reversal from a net loss of US$146,000 in the previous year, the group said in a Singapore Exchange filing on Thursday morning.

For the three months ended June 30, revenue dropped 38.3 per cent to US$1.6 million from the previous year. The contraction in revenue was due to the group's lower share of oil production volume from its Thailand concession, it said.

Earnings per share came in at 0.96 US cent, a reversal from a loss per share of 0.02 US cent in the previous year. Net asset value per share increased to 3.3 US cents as at June 30, from 2.73 US cents a year ago.