SINGAPORE - Mainboard-listed Loyz Energy, an oil exploration and production company, announced on Thursday that its profit for the third quarter ended March 31 stood at US$100,000, a turnaround compared to the same period last year when it posted a loss of US$3.1 million.
Its revenue also increased sharply to US$4.7 million, an increase of 115 per cent over the US$2.2 million it posted in the same quarter last year.
This translated into an overall recovery in the nine months ended March 31. Profit for that period stood at US$818,000, compared to the loss of US$3.5 million the group posted in the same period last year, while revenue increased 80 per cent to US$17.2 million.
Loyz Energy said its revenue came mainly from its sale of crude oil in Thailand, where it has a 20 per cent share in its concessions, amounting to 99,977 barrels.
It added that it had also made US$400,000 over the same quarter last year because of the strength of the United States dollar against the Singdollar.
The group said its recovery was also due to a decrease in expenses. Its administrative expenses fell by US$300,000 to US$1.4 million, while its other expenses decreased by US$600,000 to US$300,000 because of its sale of its two drilling rigs.
The group's earnings per share were also back in the black at 0.02 US cents, compared to the loss of 0.82 US cents per share it declared in the same period last year. Its net asset value per share increased to 17.54 US cents on March 31, an increase over the 16.9 US cents it posted on June 30 last year.
No dividend was declared.
Loyz Energy said its drilling campaign last year had delivered "sterling results". It said it expected its production in Thailand to continue to grow as it began its drilling campaign for this year, where it expects to drill at least nine additional wells.
It added that the fall in oil prices in this quarter had been offset by the increase in its net production, as well as its low operating cost of about US$14 per barrel.
It said it expected to deliver earnings before interest, taxes, depreciation, depletion, amortisation and exploration expenses (EBITDAX) of about US$12 million for the current financial year ending June 30.
The group added that it would continue to work to keep operating costs low while seeking chances for collaboration and acquisition of producing oil and gas companies.