Ezion non-executive director trims interest in company

LIM Thean Ee, an independent non-executive director of Ezion Holdings, has trimmed his stake in the oil and gas support service provider.

On Jan 6, Mr Lim sold 120,000 Ezion shares at 40 Singapore cents each. The price excludes brokerage and stamp duties.

Following the market transaction, Mr Lim's stake in Ezion is now at 0.1 per cent, compared with 0.11 per cent prior to the sale.

For the third quarter ended Sept 30, 2016, Ezion reported a 69 per cent tumble in net profit to US$9.4 million, compared with US$30.3 million a year ago. Revenue fell by 7.4 per cent to US$79.8 million.

The weaker performance was due to a drop in charter rates, a postponement in a customer's project, modification to its service rigs as well as higher funding costs.