KrisEnergy sinks further into the red on plunging global oil prices

SINGAPORE - The fall in global oil prices, and higher operating costs and expenses dragged oil and gas company KrisEnergy even further into the red in the financial year ended Dec 31.

The company reported a net loss of US$50.7 million for the year, even lower than the previous year's net loss of US$12.7 million.

Revenue for the year was US$74.9 million, up from the previous year's US$69 million, on increased oil and gas production. However, the fall in global oil prices in the second half of 2014 resulted in a lower average selling price for oil and liquids for the group, it said in a statement on Friday.

General and administrative expenses increased 12.5 per cent to US$35.7 million in the 2014 financial year, due mainly to professional fees associated with the issuances of bonds, and employee costs as the company increased headcount.

Loss per share for the year was 4.8 US cents, down from a loss per share of 2.3 US cents in the previous financial year.

Net asset value was 40 US cents as at Dec 31 2014, from 45 US cents as at Dec 31 2013.