Ezra sees full year profit dipEzra sees full year profit dip

Singapore-listed Ezra recorded a net profit of $53.65m in the financial year ended 31 August 2013, down 19% compared to $66.11m in the previous financial year.

The company achieved full year revenues of $1.26bn, up 28% compared to $984.18m in 2012. While the subsea services division incurred higher costs, it also contributed to the largest proportion of group revenues with $236m due to an increase in the number and value of projects.

The group's offshore support services arm Emas Marine and engineering and fabrication arm Triyards also recorded increases in revenues.

Lionel Lee, managing director of Ezra, said: “With diminishing energy supplies from conventional onshore sources, capital expenditures by energy majors in the offshore subsea services sector is expected to remain firm.

“I believe our foothold in the global subsea sector will be 'fast-tracked' with our increased assets and capabilities. Moving forward, we will continue to focus our energies on effective and prompt execution of our orderbook of more than $2bn worth of contracts,” Lee said.