Loyz Energy returns to black in Q3 on higher oil revenue

Mr Adrian Lee was appointed as a non-executive director of Loyz Energy in May 2016, having previously been the managing director of the group.
Mr Adrian Lee was appointed as a non-executive director of Loyz Energy in May 2016, having previously been the managing director of the group. PHOTO: ST FILE

SINGAPORE - Catalist-listed Loyz Energy posted a third-quarter net profit of US$306,000, swinging back from a net loss of US$18.2 million (S$25.6 million) for the same period a year ago.

Revenue from oil fields in Thailand surged 34 per cent to US$2.41 million from US$1.81 million a year ago, mainly due to the recent increase in oil prices to an average of US$48.05 per barrel in the quarter from US$24.75 per barrel in the year-ago period, said the company.

The bottomline was also boosted by a US$22.7 million drop in other charges to US100,000 in the quarter compared to a year ago, mainly due to the absence of one-off impairment losses in the quarter.

Loyz Energy said the group will continue to keep its operating costs low, while it focuses on increasing production and revenue, as well as seeking strategic options to enhance value for shareholders.