Loyz Energy's 1Q net profit recovered from slump

It gained $0.42m compared to a $1.27 net loss last year.

Loyz Engergy, an independent exploration and production upstream energy player, announced that it has achieved a net profit of US$0.3 million (S$0.42m) for the quarter ending 30 September 2016 (1QFY17), a reversal from a net loss of US$0.9 million in 1QFY16. This was despite a 40% decline in revenue to US$2.4 million (S$3.38m) on the back of lower oil price and production in its onshore oil concessions in Thailand.

The improved results were bolstered by stable margin at its Thailand onshore oilfields, stringent cost management and foreign exchange gain.

Consequently, the Group achieved a profit before tax of US$0.9m (S1.27m) in 1QFY17, compared to a loss before tax of US$24,000 (S$33,800) in 1QFY16.