Loyz Energy posts Q4 profit of US$11.4m, back in black for full year

SINGAPORE - Oil exploration and production firm Loyz Energy has posted a net profit of US$11.4 million in the fourth quarter, marking four consecutive quarters of profits to finish the year back in the black.

Net profit for the 12 months ended June 30 was US$12.9 million, a reversal from a net loss of US$19.5 million in the same period a year ago.

In the fourth quarter ended June 30, revenue slipped 38 per cent from a year ago to US$1.56 million as Loyz's share of oil production volume from its Thailand concession fell by 39,351 barrels. This was only partially offset by an increase in the average oil price from US$33.74 per barrel to US$45.47 per barrel, Loyz said in an exchange filing on Thursday (Aug 17).

But the group's bottomline was ultimately lifted by the recognition of US$19.5 million in other income, up from US$170,000 a year ago.

Of this, US$19.3 million arose from a gain relating to the "full and final settlement" of outstanding payment for the group's onshore oil concessions in Thailand. Loyz had earlier said on May 2 that it expected to report the US$19.3 million gain.

Fourth quarter earnings per share was 0.96 US cents, up from a loss per share of 0.02 US cents a year ago.

Full-year earnings per share was 1.08 US cents, up from a loss per share of 2.32 cents a year ago.

Net asset value per share was 3.3 US cents as at June 30, up from 2.73 US cents as at June 30 last year.

Earnings were posted before the market opened on Thursday. The counter was unchanged at 1.9 Singapore cents as at 9.55am.