Ezra slips into the red in Q3

The loss attribuble to owners of the parent for the third quarter was recorded at $3.01m as against a profit of $8.3m in the same period of last year.

Singapore-listed Ezra said there was a $9.7m loss on derivative instrument during the quarter, partially offset by a gain on foreign exchange of $5.4m.

In the nine months ended 31 May 2015, however, Ezra achieved improved profit of $51.54m, an increase of 51% from $34.23m registered in the previous corresponding period.

The third quarter revenue stood at $390.73m, down 3% year-on-year due to a decrease in contributions from the subsea services division and the offshore support and production services division.

Ezra said the offshore industry continues to experience significant challenges in its growth outlook in view of the current oil price environment, and the group is likely to face strong headwinds in the foreseeable future.

“We acknowledge that market conditions remain difficult, but we see that the longer term prospects in the industry are showing gradual improvement. The group is currently working to rationalise non-core assets to accelerate the deleveraging of and strengthening the group’s balance sheet,” said Lionel Lee, group ceo and managing director of Ezra.

Earlier, Ezra’s offshore services spin-off EMAS Offshore and its marine services division Triyards reported third quarter profit of $5.18m and $5.42m, respectively.