Daily news - 15 Jan

Ezra Q1 profit falls 93% on lack of one-time gain
Ezra Holdings yesterday said that net profit for its first quarter to Nov 30 fell 93 per cent to US$9.3 million from US$138.9 million in the year-ago period. Sales were up 149 per cent to US$113 million but other operating income fell to negative US$10.6 million from US$140.3 million, due to non-recurring gains of US$146.3 million in Q1 2008 from the disposal of interest in a subsidiary, the company said. It also disclosed a US$3.4 million increase in net foreign exchange loss for the reported quarter. Earnings per share was 1.60 US cents, from 23.92 US cents a year ago. Sales for the quarter rose US$67.6 million, with US$38 million coming from its new energy services division; US$19.9 million from its marine services division due to an increase in procurement and equipment supply and engineering activities in Vietnam; and US$9.7 million from the offshore support services, helped by revenue recognised from newly delivered tugs. The company held cash and cash equivalents of US$92.8 million as at end November, while net cash from operating activities was US$11.6 million. The company had secured and unsecured debt due within a year of US$121.7 million, with another US$99.7 million repayable after one year. It had net assets of US$363.9 million, down slightly quarter on quarter but up 45 per cent on the previous year.

Source: Kim Eng