Loyz Energy recorded a loss of US$0.7 million ($1 million) in 2QFY16, compared with earnings of US$0.1 million a year earlier.
Revenue for the three months to December fell 58% to US$2.4 million. This was mainly due to the fall in oil price from an average of US$66.74/bbl to US$34.66/bbl.
The group says “oil prices continue to be volatile and have a significant impact on [its] earnings”, though it continues to generate positive cash flow through cost reduction.
“Constant effort is being made to reduce our already low operating costs, which are around US$12 per barrel currently,” it adds.
Shares in Loyz Energy ended 3.13% higher at 3.3 cents.
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Revenue for the three months to December fell 58% to US$2.4 million. This was mainly due to the fall in oil price from an average of US$66.74/bbl to US$34.66/bbl.
The group says “oil prices continue to be volatile and have a significant impact on [its] earnings”, though it continues to generate positive cash flow through cost reduction.
“Constant effort is being made to reduce our already low operating costs, which are around US$12 per barrel currently,” it adds.
Shares in Loyz Energy ended 3.13% higher at 3.3 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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