Quarterly profit up for Ezion, ASL Marine
Results helped by buoyant offshore services industries
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OFFSHORE marine groups Ezion Holdings and ASL Marine posted higher earnings yesterday for the July-September quarter, helped by still buoyant offshore oil services and equipment industries.
Ezion Holdings saw a more than doubling of third-quarter net profit to US$38.2 million from US$16.1 million a year ago, well ahead of market consensus expectations, on higher revenue from its chartering of offshore service rigs and logistic support vessels and higher other income.
Group gross profit rose 97.2 per cent to US$36.7 million on a 97.2 per cent jump in revenue to US$76.2 million as additional units of the group's liftboats and jack-up rigs were deployed, while three projects in Australia for the group's offshore logistic support vessels also pushed revenue higher.
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