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EMAS Offshore profit jumps more than 10 times in Q1 FY2015

NET profit of EMAS Offshore Limited, the operating brand for Ezra Holdings, has surged over 10 times to US$148.4 million for Q1 FY2015 ended Nov 30, 2014.

Total comprehensive income attributable to shareholders was US$120 million versus US$13 million in Q1 FY2014, after taking into account net gain on cash flow hedges, exchange difference on translation of foreign operations, and fair value changes during the financial period.

The Q1 net profit was boosted by a US$137.5 million gain from the completion of the consolidation of EOC Limited and EMAS Marine on Oct 3, 2014, to form EMAS Offshore, and also as a result of reverse acquisition accounting.

However, for the three months ended Nov 30, 2014, revenue slumped 9 per cent to US$72.7 million. The revenue slump was mainly due to the return of a leased-in third party vessel to its owner in the second half of FY2014 and the weakness in the shallow water platform support vessels segment.

"We are keeping a close watch on the current oil price environment, and are actively looking to streamline our operations to improve our bottom line. In the year ahead, we will focus on building our backlog of contracts that will provide us with good visibility, and also ensure greater operational efficiency and financial discipline to drive performance," said EMAS Offshore CEO Jon Dunstan.

For the three months ended Nov 30, 2014, earnings per share stood at 0.38 cents, while net asset value per share was US$1.15.

On Thursday, before market opening, EMAS Offshore's counter was S$0.57, a 3.64 per cent jump from Tuesday's closing price.