SINGAPORE - Loyz Energy which has oil-producing concessions in Thailand has warned of a net loss for its fourth quarter as well as for the full year ended June 30.
The Singapore-Exchange listed company said it was due to a one-time, non-cash impairment of its investments in both India and the United States.
Loyz Energy intends to dispose of these noncore assets for cash. Given the current uncertainties surrounding oil prices, it said that it has decided to take a conservative approach in its assessment of its investments.
Loyz Energy stressed that the Group's core development and producing asset in Thailand continues to grow and contribute positively, generating profits and cash flow.
Despite the current low oil prices, the group expects to be able to meet its target of earnings before interest and tax, depreciation and amortisation of US$12m for the full year.
The group will be releasing its fourth quarter and full-year results on Aug 28.
Homegrown Loyz Energy had recently announced plans to enter the gas sector with the acquisition of a China oil and gas exploration and production company.