Ezra Holdings Q4 net profit up 10% to US$11m

EZRA Holdings saw its net profit for the fourth quarter ended August jump 10 per cent, from US$10.04 million to US$11.0 million. This was on the back of a 6 per cent increase in revenue, from US$419.2 million to US$446.0 million.

For the 12 months ended August, net profit dropped 16 per cent, from US$53.6 million to US$45.3 million; revenue jumped 18 per cent from US$1.262 (FY13) to US$1.488 (FY14).

EMAS AMC, Ezra's subsea services division, continued to deliver strong and sustained growth. Its revenue grew 32 per cent to US$1.0 billion in FY14, contributing 70 per cent to the group's revenue.

It secured orders valued at almost US$1.0 billion in total from the start of FY14 to date, despite the current slowing market sentiments, building a healthy backlog of projects up to 2016.

Earlier this month, EMAS AMC announced the triple contract signings for subsea tie-back projects with Noble Energy, valued at more than US$300 million, following its successful partnership on the Tamar project.

Additionally, EMAS AMC on Friday announced awards for multiple contract wins from various energy companies in the US Gulf of Mexico and the Asia-Pacific valued at more than US$70 million, said Ezra, a contractor and provider of integrated offshore solutions to the oil and gas industry.

Its marine services division and offshore support services division, on the other hand, saw a decrease in revenue of US$1.0 million (a dip of 1 per cent) and US$25.4 million (a drop of 9 per cent) respectively in FY2014. Its offshore support services recorded lower revenue than in FY 2013 because of one-time asset sale gains in FY 2013.

The group maintains a healthy backlog of approximately US$2.4 billion, with most contracts expected to be executed over the next 12 to 18 months.