IEG, which intends to own and manage oil storage facilities as part of its longer-term growth strategy, posted a net profit of US$0.7 million in 2Q17 – a reversal from its loss of US$0.1 million in the corresponding quarter the year before.
SINGAPORE (Feb 13): New Silkroutes Group (NSG), previously known as Digiland International, posted a decline in its losses to US$0.3 million ($0.4 million) for the second quarter ended Dec 31, a 37% improvement from its losses of US$0.5 million in 2Q16.
This was mainly due to its wholly-owned oil and gas (O&G) unit headquartered in Singapore, International Energy Group (IEG), whose revenue rose to US$123.7 million from just US$5.8 million a year ago due to the company’s higher engagement with more counterparties, boosted trading volumes, and more profitable trades in the quarter.
