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KrisEnergy posts Q1 loss of US$18.19 million

KrisEnergy posts Q1 loss of US$18.19 million

Singapore : KRISENERGY slipped into the red in the first quarter despite higher sales of cargoes lifted from its oilfields.

The oil and gas company, in which Keppel Corporation holds a significant equity stake, posted a loss after tax of US$18.19 million for the three months ended March 31, 2018, compared to a profit after tax of US$55.72 million for a year-ago period.

This marked the third consecutive year of reported losses for KrisEnergy, the company said in a separate notice issued on the Singapore Exchange.

Loss per share for Q1 was 1.2 US cents, compared to earnings per share of 3.7 US cents for the corresponding three months in FY2017.