However, the protracted downcycle of the oil and gas industry and weak oil price resulted in an impairment of goodwill in relation to the concessions of US$6.5 million in FY17.
SINGAPORE (Aug 17): Loyz Energy, the oil and gas exploration and production company, has swung back into the black in FY17, reporting earnings of US$12.9 million ($17.6 million) for FY17.
The improved set of results mainly stemmed from the US$19.4 million gain in other income arising from the successful renegotiation of the consideration for the group’s purchase of the Thailand onshore oil concessions from Carnarvon Thailand.
