SINGAPORE (Nov 11): Oil explorer Loyz Energy has returned to profitability in 1Q17 with earnings of US$207,000 ($291,000) from a loss of US$583,000 despite a 40% dip in revenue to US$2.4 million.
The group’s revenue in 1Q17 were derived from its oil fields in Thailand. Revenue
decreased mainly due to the drop in oil price from an average of US$42.13/bbl in 1Q16 to an average of US$35.97/bbl in 1Q17, coupled with the decrease in oil production.
Cost of sales fell 35% to US$1.07 million together with most costs and expenses. Other income also rose to US$253,000 from US$7,000 a year ago.