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Loyz Energy posts 2Q profit of $1.6m, reversing year-ago loss

Published on Feb 10, 2014 8:59 AM

Homegrown oil and gas exploration and production company Loyz Energy has logged a net profit of $1.6 million for the three months to Dec 31 last year, turning around a loss of $1.2 million for the same period a year ago.

This was after the Singapore-listed company started to recognise revenue from production wells in the United States, it said on Monday.

Revenue for Loyz's second quarter was $6.8 million, from zero the previous year.

Earnings for the quarter was 0.43 cents, from a loss of 0.54 cents a year ago.

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