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Ezion’s Q1 profit plunges by 62%

Ezion’s Q1 profit plunges by 62%
Singapore’s Ezion Holdings has been hit by a sharp fall in net profit in the first quarter of 2016 compared to the year-ago period.

First quarter profit at Singapore-listed Ezion was reported at $15.49m, a plunge of 62.2% from $41.01m in the same period of 2015.

The quarterly revenue also dipped by 8.9% year-on-year to $82.09m mainly due to the absence of contribution from projects in Queensland, Australia that did not go into additional trains as planned and a few multi-purpose self-propelled jack-up rigs that underwent modifications and routine class surveys.

Offshore services provider Ezion commented that the operating environment is expected to remain difficult in view of the depressed state of the offshore oil and gas and marine sector.

“The management expects that the group’s performance for the next six months will continue to be affected by this,” the company stated.

“The group will focus on and expedite putting several of its assets back to service and will also be working on deploying a few other assets for alternative use to minimise the impact,” it said.