Ezion Reports 62% Increase in Q1 2014 Profits
Ezion Holdings Limited (“Ezion” and together with its subsidiaries the “Group”), a leading Singapore headquartered, Liftboat developer, owner and operator as well as offshore logistics support service provider, reported its 28th consecutive quarters of growth in 1st quarter 2014 with the 61.6% year on year increased in net profit to US$45.2 million (excluding disposal gain in 1st quarter 2013).
Gross profits also rose 92.2% to US$47.3 million over the same period.
The increased in revenue was mainly due to the chartering contribution from the deployment of an additional units of the Group’s Service Rigs.
The Group also acquired the remaining share capital of a jointly controlled entity in 1st quarter 2014 which subsequently became a fully owned subsidiary of the Group. The consolidation of the results of that jointly controlled entity under the Group resulted in a 19.0% decrease year on year in the share of results of joint ventures. The Group’s total equity increased by US$77.3 million to US$877.6 million due to the profits derived in the 1st quarter of 2014 and issuance of new ordinary shares and redeemable exchangeable reference shares. The strengthened balance sheet will enable additional investments in the Group’s Services to meet the strong and growing demand.
Mr Chew Thiam Keng, Ezion’s CEO, said: “The management is witnessing increased focus on platform and well related work by the oil majors in Asia Pacific, Middle East and West Africa. As a result of this concentration, the Group will continue to focus on investment in Service Rigs to meet the strong demand. The Group will also explore new ways to restructure its Port and Marine Base business to enable it to concentrate on its current key business activities. Ezion expects more assets to be deployed in 2014 and the Group also anticipates to taking new additional Service Rigs projects in the financial year ending 31 December 2014.”