Net profit for the quarter ended 31 March 2015 went down by 9.4% to $41.01m compared to $45.25m in the same period of last year.
Revenue also declined by 4.6% year-on-year to $90.12m, due mainly to the absence of contribution from the marine and offshore logistics support services division as the projects in Queensland, Australia did not go into additional trains as originally planned.
“Operating environment has been made challenging following the drastic drop in the prices of fossil fuel over the last seven months,” Ezion commented.
“Several of the group’s service rigs have been made to work at their limits resulting in more wear and tear and higher maintenance. In addition, the group also needed to incur additional cost to further upgrade a few of the group’s newer units to meet clients’ additional requirements.”
The company added that it expects strong performance for the remaining of the year when some of the units are redeployed and new units are delivered.
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