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Ezra maintains full year profit amid market headwinds

Subsea services firm Ezra Holdings has maintained a profit for its 2015 financial year despite continued market headwinds and a loss for the fourth quarter.

Lee Hong Liang, Asia Correspondent

October 23, 2015

1 Min Read
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Singapore-listed Ezra posted a profit of $43.73m in the year ended 31 August 2015, inching down 3% compared to the gain of $45.27m in the previous financial year.

The full year revenue, however, rose by 11% year-on-year to $543.84m with higher contributions from the group’s marine services division which includes Triyards Holdings but offset by decline in revenue from the offshore support and production services division which includes EMAS Offshore.

In the fourth quarter, Ezra recorded a loss of $7.81m as against a profit of $11.04m in the previous corresponding period, due mainly to loss from operations, higher interest and tax expense.

“The offshore oil and gas sector remains in a volatile state. However, we firmly believe in the fundamentals of the oil and gas industry,” commented Lionel Lee, group ceo and managing director of Ezra.

“Despite market uncertainties, Ezra has managed to maintain its revenue for this financial year. The group is working to rationalise non-core assets to further strengthen its balance sheet,” Lee said.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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