Friday, April 10, 2009

Daily news - 10 Apr

Ezra Holdings Q2 profits up 21%
Ezra Holdings saw second quarter net profit rise 21 per cent to US$14.9 million - from US$12.4 million for the previous corresponding period - on a steady 30 per cent increase in revenue to US$63.0 million. For the first half to Feb 28 though, net earnings plunged 84 per cent to US$24.2 million from US$151.3 million in H108, the reason being that the comparative period included an exceptional net gain of US$136.3 million from the partial divestment of Ezra's production and construction arm EOC. Excluding exceptional items, H1 net profit rose 61 per cent to US$24.2 million from US$15 million. First half revenue rose 87 per cent to US$176.1 million on greater recognition of revenue from offshore support services as more vessels entered service. Turnover from this division rose by US$17.0 million with the full six-month contribution from two anchor handling tugs (AHT) and three anchor handling, towing and supply vessels (AHTS), as well as four months of operation of the AHTS Lewek Plover. Revenue from the marine services division rose by US$22.4 million mainly due to an increase in procurement and equipment supply and engineering activities in Vietnam as Ezra moved more yard work to the lower cost country. The new energy services division also added a healthy US$46.3 million to revenue.

Source: Kim Eng

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