CWX Global swings back to profitability in 3Q, posts earnings of $0.04 mil

SINGAPORE (May 11): CWX Global, formerly known as Loyz Energy, announced that it has swung back to profitability in 3Q18, posting earnings of US$0.03 million ($0.04 million), compared to a loss of US$0.2 million in the 3Q17.

Revenue however was 26% lower at US$1.79 million from US$2.41 million a year ago, mainly due to a decrease in the group’s share of oil production volume from its Thailand concession, as a result of the natural decline of the existing wells, coupled with lower investments in drilling in the last two years when oil prices were lower.

As cost of sales declined by 8% y-o-y to US$0.9 million, gross profit for 3Q18 came in at US$0.90 million, 37% lower than US$1.43 million a year ago.

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