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Ezion posts Q1 profit drop; Pacific Radiance posts Q1 loss
Ezion Holdings, which builds and charters offshore assets, on Thursday posted a 62 per cent drop in profit for the period to US$15.5 million for its first quarter ended March 31, 2016, down from US$41 million a year ago.
Revenue fell 8.9 per cent to US$82.1 million due to the absence of contribution from projects in Queensland, Australia that did not go as originally planned, and a few multi-purpose self-propelled jack-up rigs that underwent modifications and routine class surveys.
Offshore vessels operator Pacific Radiance also posted bleak results of US$6.9 million net losses in its first quarter, versus US$2.7 million net profit a year ago.
Revenue fell 42 per cent to US$18.4 million due to the decline in revenue of its subsea business and offshore support services business.
This is on the back of significantly weaker market conditions arising from the severe drop in oil prices, it said.