Ezra Swings into Red in Q3
By Aiswarya Lakshmi
Friday, July 10, 2015
Ezra Holdings saw its net profit for 9M15 grow 50.6 percent to US$51.5 million despite a net loss of US$3 million for the latest quarter, as sluggish oil prices weighed on activities of the oilfield service industry.
For the first nine months of its financial year, Ezra posted a net profit of $51.5 million, up 51 percent on the year, though revenue for the period dropped 3 percent to US$391 million, the services provider to the offshore oil and gas sector said in a statement.
9M15 revenue declined due to a 2.8 percent decrease in revenue from the group’s subsea services division and offshore support and production services division, partially offset by better performance from the marine services division.
Ezra’s performance was boosted by a US$73.2 million increase in other income mainly due to recognition of one-off gain on bargain purchase from the acquisition of subsidiaries and favourable foreign exchange conditions.
As of 31 May 2015, the group has a backlog of US$2 billion, inclusive of US$415 million from two floating production storage and offloading vessels, Lewek EMAS and Perisai Kamelia that EMAS Offshore has stakes in.