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Ezra posts US$3m net loss in Q3 FY15 on lower revenue

EZRA Holdings swung to a net loss of US$3 million in the third quarter of FY15, as other expenses (net) hit US$2.3 million - a reversal from Q3 FY14's other income (net) of US$383,000.

This was "was mainly due to realised loss on derivative instruments of US$9.7 million which was partially offset by a turnaround of the foreign exchange loss in Q3 FY14 of US$2.9 million to foreign exchange gain in Q3 FY15 of US$5.4 million", said the offshore support vessel owner early on Friday morning.

Revenue dipped 3 per cent to US$390.7 million in Q3 FY15. This was due to a decrease in revenue of US$21 million from the subsea services division and US$16.1 million from the offshore support and production services division.

However, the decrease was partially offset by a US$25.7 million increase in revenue from the marine services division.

Given the current oil price environment, Ezra thinks that reduced oil & gas spending and activity is likely; it thus expects to face "strong headwinds" in the foreseeable future.

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For the nine months ended May 31, 2015, earnings per share stood at 5.09 US cents, up from a restated 3.38 US cents in the corresponding period a year before.

No dividend was declared.

Ezra shares were last traded at 15.7 Singapore cents apiece.

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