Loyz returns to the black with $1.57m net in Q2

CATALIST-listed Loyz Energy swung to a net profit attributable to owners of $1.567 million for the second quarter ended Dec 31, 2013, from a net loss of $1.245 million a year ago.

Revenue from continuing operations was $6.8 million, driven mainly by the recognition of deferred drilling revenue from the delivery of three wells in the United States: Schlak 3, Mansur 33-1-L and Mansur 33-1-N.

Overall administrative expenses in Q2 more than doubled from $990,000 last year to $2.29 million this year. Loyz attributed this to employee share-based payment expenses totalling $0.7 million and an increase in staff costs to $0.6 million from the expansion of operations in the US.