Ezra Holdings has recorded its first quarterly loss since its listing in 2003.
The provider of offshore support services to the oil and gas industry reported a 1Q net loss of US$53.7 million ($77.2 million), compared to earnings of US$60.6 million the year before.
The group cited lower gross profit and higher expenses amid a challenging market as reasons for its loss. Gross profit fell 44.3% to US$15.7 million in 1Q from a year ago, dragged down by weakness in the offshore support and production services division.
Overall, revenue increased 19% to US$152.3 million, mainly due to higher revenue from marine services division. This largely came on the back of better contribution from Triyards Group, as there were more units of self-elevating units and vessels under construction in 1Q than a year ago.
Lower revenue was recorded in 1Q for offshore support and production services division amid weakness in the offshore industry and seasonal fluctuation as a result of monsoon in Asia.
Ezra closed 1.3% lower at 7.8 cents on Wednesday.
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The provider of offshore support services to the oil and gas industry reported a 1Q net loss of US$53.7 million ($77.2 million), compared to earnings of US$60.6 million the year before.
The group cited lower gross profit and higher expenses amid a challenging market as reasons for its loss. Gross profit fell 44.3% to US$15.7 million in 1Q from a year ago, dragged down by weakness in the offshore support and production services division.
Overall, revenue increased 19% to US$152.3 million, mainly due to higher revenue from marine services division. This largely came on the back of better contribution from Triyards Group, as there were more units of self-elevating units and vessels under construction in 1Q than a year ago.
Lower revenue was recorded in 1Q for offshore support and production services division amid weakness in the offshore industry and seasonal fluctuation as a result of monsoon in Asia.
Ezra closed 1.3% lower at 7.8 cents on Wednesday.
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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