Homepage
PR Newswire
11-04-2014, 10:26 AM
Order book always there but earnings constantly disappoint... fate of former darling...
PUBLISHED APRIL 11, 2014
Ezra's 2Q14 net profit falls 34%
BYANGELA TAN
angelat@sph.com.sg
PRINT |EMAIL THIS ARTICLE
EzraHoldings110414
Oil and gas related Ezra Holdings saw a 34 per cent drop in its net profit for the second quarter ended February 28, 2014 to US$19.59 million.
The group's other operating income plunged 93 per cent to US$2.39 million.
There was an absence of a one-off gain on disposal of fixed assets amounting to US$30 million.
Net cash generated from operating activities tumbled to US$10.89 million from US$90.11 million.
Revenue rose 22 per cent to US$300.43 million, as EMAS AMC continued to be the key driver.
In contrast, EMAS Marine registered lower revenue and weaker gross profit margins due to higher operating costs.
Looking ahead, chief executive officer, Lionel Lee said:"We expect to see further earnings growth in 2014 and an increase in our profitability as we leverage economies of scale. We look forward to realising the full financial contribution of Lewek Express and Lewek Centurion. Lewek Constellation is a game-changing vessel and we believe this vessel will further drive growth and profitability in the future.''
The group's orderbook had more than US$2 billion worth of contracts, a majority of which is expected to be executed over the next 12 to 18 months.
PUBLISHED APRIL 11, 2014
Ezra's 2Q14 net profit falls 34%
BYANGELA TAN
angelat@sph.com.sg
PRINT |EMAIL THIS ARTICLE
EzraHoldings110414
Oil and gas related Ezra Holdings saw a 34 per cent drop in its net profit for the second quarter ended February 28, 2014 to US$19.59 million.
The group's other operating income plunged 93 per cent to US$2.39 million.
There was an absence of a one-off gain on disposal of fixed assets amounting to US$30 million.
Net cash generated from operating activities tumbled to US$10.89 million from US$90.11 million.
Revenue rose 22 per cent to US$300.43 million, as EMAS AMC continued to be the key driver.
In contrast, EMAS Marine registered lower revenue and weaker gross profit margins due to higher operating costs.
Looking ahead, chief executive officer, Lionel Lee said:"We expect to see further earnings growth in 2014 and an increase in our profitability as we leverage economies of scale. We look forward to realising the full financial contribution of Lewek Express and Lewek Centurion. Lewek Constellation is a game-changing vessel and we believe this vessel will further drive growth and profitability in the future.''
The group's orderbook had more than US$2 billion worth of contracts, a majority of which is expected to be executed over the next 12 to 18 months.