Loyz Energy Limited reported Thursday that profits staged a strong turnaround for the 3 months ended June 30 (4Q FY14) from maiden sales of crude oil from its producing concessions in Thailand.
The fast-growing Singapore-based upstream energy Group reported an operational cashflow and EBITDAX (earnings before interest, taxation, depreciation, amortisation and exploratory expenses) of $4.4 million (SGD 5.5 million) and $4.6 million (SGD 5.8 million) respectively and a net attributable profit (PATMI) of $640,000 (SGD 800,000) in 4Q FY14, ending its full year FY14 on a high note.
This performance was supported largely by the sale of 75,281 barrels of crude oil attributable to Loyz Energy at its 20 percent-owned concessions in Thailand – the Group’s first significant producing assets – which contributed revenue of $6.8 million (SGD 8.6 million) for 4Q FY14.
Adrian Lee, the Group’s managing director, said: “After the many months of hard work we have put in to ensure successful execution of our growth strategy, we are pleased to see that our perseverance and our efforts to deliver earnings have begun to bear fruit.
“We are now moving into our next growth phase. Our immediate focus is to ramp up production in Thailand and add new strategic producing assets that will augment the Group’s recurrent income stream. Barring any unforeseen circumstances, we expect our operational cashflow or EBITDAX to remain positive.”
In a move that strengthens its management team as the Group pushes ahead with its next stage of expansion, Loyz Energy has appointed an upstream energy industry veteran, Simon Lockett, as a non-executive adviser.
Vincent Lien Jown Jing, the Group's non-executive chairman added: “Loyz Energy is a relatively young player in the sector, and we are keen to learn from and tap Lockett’s extensive experience, as we steer the Group ever closer to its goal of becoming a reputable independent upstream energy company.”
View Full Article
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you