Ezion Q1 profit slips despite 72% revenue hike

EZION Holdings and Vallianz Holdings posted stellar revenues for their fiscal first quarter ended March 31, 2014.

Liftboat developer and offshore logistics support service provider Ezion said its turnover surged 72.3 per cent year on year to US$94.43 million, mainly due to the chartering contribution from the deployment of additional units of the group's service rigs.

However, net profit slipped 2 per cent to US$45.21 million, due to the absence of a one-off gain from disposal of a jointly controlled entity that was recognised a year ago.