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Loyz swings back into the black in 2Q

Gwyneth Yeo
Gwyneth Yeo2/1/2017 06:54 PM GMT+08  • 1 min read
Loyz swings back into the black in 2Q
SINGAPORE (Feb 1): Loyz Energy has reported earnings of US$922,000 for 2QFY17, reversing from the net loss of US$631 million in 2QFY16.
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SINGAPORE (Feb 1): Loyz Energy has reported earnings of US$922,000 for 2QFY17, reversing from the net loss of US$631 million in 2QFY16.

For the quarter to December, group revenue rose 8% to US$2.57 million, on the back of the increase in oil price from US$34.66 per barrel in 2QFY16 to the US$44.85 per barrel in 2QFY17.

Other income rose by US$0.8 million owing to the net gain on the redemption of bond receivables after there was an offset of the outstanding balance for bond issuer Fram Exploration ASA.

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