Ezion Holdings' Q4 net profit almost doubles

OFFSHORE marine group Ezion Holdings posted a 97.3 per cent year-on-year rise in its Q4-FY13 net profit to US$40.5 million, led by higher charter income from its offshore-service rigs and logistics-support vessels from the group's Australian projects.

Group revenue for the three months increased 60 per cent year-on-year to US$83.7 million on additional units of the group's liftboat and jack-up rigs being deployed, as well as higher contributions from its offshore logistics units working on three LNG projects off Australia.

With the final quarter well ahead of market consensus estimates, the group's FY13 net profit jumped 103.4 per cent to US$160.4 million. This was despite higher interest expense and depreciation costs.