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.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!