Ezion Holdings, the owner of one of the largest fleet of liftboats in the world, saw a 36.3% fall in 2Q net profit to US$29 million ($40.6 million) from US$45.5 million a year ago.
Revenue for the three months ended June decreased by 2.8% to US$90.1 million from last year mainly due to the absence of contribution from the marine and offshore logistic support services division as the projects in Queensland, Australia did not go into “additional trains” as originally planned.
Cost of sales and servicing for the quarter also increased by 29.6% to US$58.7 million due to the deployment of additional multi-purpose self-propelled jack-up rigs.
As a result, gross profit decreased 33.7% to US$31.4 million.
Ezion says the operating environment in the oil and gas sector has remained challenging since the beginning of the year. The group expects oil majors to continue reducing capital expenditure on exploration and development and focus on extraction and production-related activities.
Ezion closed 0.7% higher at 76.5 cents on Thursday.
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Revenue for the three months ended June decreased by 2.8% to US$90.1 million from last year mainly due to the absence of contribution from the marine and offshore logistic support services division as the projects in Queensland, Australia did not go into “additional trains” as originally planned.
Cost of sales and servicing for the quarter also increased by 29.6% to US$58.7 million due to the deployment of additional multi-purpose self-propelled jack-up rigs.
As a result, gross profit decreased 33.7% to US$31.4 million.
Ezion says the operating environment in the oil and gas sector has remained challenging since the beginning of the year. The group expects oil majors to continue reducing capital expenditure on exploration and development and focus on extraction and production-related activities.
Ezion closed 0.7% higher at 76.5 cents on Thursday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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