EMAS Offshore's Q1 profit up, revenue down

Singapore

EMAS Offshore reported on Thursday a rise in net profit to US$148.4 million for the first quarter ended Nov 30, 2014. This was more than 10 times its net profit of US$10.4 million for the year-ago quarter, mainly due to gains from its business combination with the offshore support services business of Ezra Holdings and reverse takeover accounting. Excluding the US$137.5 million from the business combination, net profit for Q1 FY2015 rose 5 per cent from a year ago.

Revenue for the quarter fell 9 per cent year-on-year, however, to US$72.7 million, as a leased-in third party vessel was returned to its owner in the second half of FY2014.