Ezra Q2 profit down 34% in the absence of one-off gains

Singapore

EZRA Holdings has posted a 34 per cent year-on-year decline in net profit for the second quarter ended Feb 28, 2014 to US$19.6 million. This was due in part to a weaker-than-expected performance from its offshore support services business and the absence of one-off gains of US$30 million last year from sale of assets, the oilfield services company said yesterday.

Revenue rose 22 per cent to US$300.4 million, largely due to an increase in revenue at its subsea services division, EMAS AMC. But this was partially offset by a decrease of US$6.2 million in revenue from its offshore support services division, EMAS Marine, which also saw weaker gross profit margins.