Ezion Reports 62% Increase in Q1 2014 Profits

Posted by Joseph R. Fonseca
Wednesday, May 07, 2014
Logo

 

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.”
 

Ezion

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.

Kongsberg, DNV GL Partner to Reduce Training Costs

Kongsberg Maritime has entered a partnership with class society DNV GL to issue Product Certificates for Maritime Simulator Systems required by maritime training

Crowley Acquires Ace Fuels Assets in Anchorage

Anchorage-based Crowley Fuels yesterday completed an asset acquisition of the aviation fuels business of Ace Fuels, LLC, a fixed base operator (FBO) headquartered

Energy

Keppel Acquires LeTourneau

Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel Offshore & Marine USA, Inc., has completed the acquisition of Cameron International

TOTE LNG Bunker Barge : Crew Training Program

GTT subsidiaries, GTT North America, Inc. and GTT Training Ltd, announce the award of the first contract of its kind for the development and implementation of a

MacGregor Launches Compact Pusnes RamWindlass

MacGregor, part of Cargotec, continues to add to its market-leading Pusnes product range and its latest introduction is a Pusnes RamWindlass. The new windlass is

News

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Keppel Acquires LeTourneau

Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel Offshore & Marine USA, Inc., has completed the acquisition of Cameron International

US Leaders Work toward Supply Chain Innovation

The Federal Maritime Commission’s (FMC) Supply Chain Innovation Team Initiative, led by Commissioner Rebecca F. Dye, was launched today at FMC headquarters in Washington, D.

Logistics

Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.

US Leaders Work toward Supply Chain Innovation

The Federal Maritime Commission’s (FMC) Supply Chain Innovation Team Initiative, led by Commissioner Rebecca F. Dye, was launched today at FMC headquarters in Washington, D.

A Look Back At The Tanker Market

The fall in the oil price after the summer of 2014, coupled with the decision by OPEC to keep oil production at elevated levels has combined to support an improved tanker market,

Offshore Energy

Keppel Acquires LeTourneau

Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel Offshore & Marine USA, Inc., has completed the acquisition of Cameron International

TOTE LNG Bunker Barge : Crew Training Program

GTT subsidiaries, GTT North America, Inc. and GTT Training Ltd, announce the award of the first contract of its kind for the development and implementation of a

Growing Presence of Damen FCS 2610's in O&G Markets

The Damen Shipyards Group’s Fast Crew Supplier (FCS) 2610 is proving to be every bit as effective in the oil and gas sector as it is in the offshore wind industry.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1400 sec (7 req/sec)