Ezion's quarterly profit rises 29%

EZION Holdings' net profit for the third quarter ended September 2014 grew 29 per cent to US$49.2 million from US$38.2 million a year ago.

This was achieved on the back of a 25 per cent rise in revenue to US$94.9 million from US$76.2 million, mainly due to chartering contribution from deployment of additional units of the group's service rigs.

Earnings per share improved to 3.63 US cents from 2.75 US cents. No dividend was recommended, unchanged from the previous period.

In an announcement to the Singapore Exchange, the offshore marine group said that while there was weakness in oil prices recently, the management "continues to observe the requirement on assets and services related to platform and well related works in the group's existing markets" such as Asia Pacific, Middle East, West Africa and Europe.

It will also continue to focus its efforts on growing its service rig division. The successful restructuring of its port and marine supply base business in Australia with AusGroup Limited in the fourth quarter of FY2014 will strengthen the firm's balance sheet.

Ezion said it expects more of its service rigs to be deployed in the final quarter and will scour opportunities for strategic acquisition to enhance its business.