Ezra Holdings Limited, a Singapore-listed contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, recorded a net profit of $8.74 million for the first quarter of fiscal year (FY) 2014 ending Nov. 30, 2013, 11 percent above the $7.88 million posted in the corresponding period a year ago, according to the company Friday.
Revenue rose 22 percent in FY 1Q 2014 to $339.82 million, up from $278.70 million last year, with the higher turnover due largely to an increase in subsea project activities undertaken by EMAS AMC. The addition of strategic pipelay installation assets during FY 4Q 2013 also bolstered EMAS AMC's contribution to the Group's revenue. Ezra's subsea arm accounted for $59.5 of the $61.1 million increase in the company's revenue for the quarter.
EMAS Marine, Ezra's Offshore Support Services division, reported flat revenue contributions compared to the year before. Operating margins were impacted by vessel maintenance and costs relating to operational transit although this is expected to improve over the longer term.
The company's orderbook stayed strong at above $2.0 billion with Offshore Support Services division utilization at about 90 percent.
“Our first quarter performance is a testament to the strong operational platforms we have built and I am confident that we will be able to fully capitalize on them. I am pleased that EMAS AMC has sustained its operational improvements with a second consecutive quarter of operational profit,” Ezra’s Group CEO and Managing Director, Lionel Lee, said in a press release.
Ezra also dislcosed that its flagship construction vessel, the Lewek Constellation, has completed scheduled sea trials in Vietnam and is in transit to China for the installation of her 3,000 MT (metric ton) Huisman crane before heading to West Africa for her first project.
“We are committed to our long term future in the subsea construction and installation business. We will continue to execute our strategy and focus on our plans to set EMAS AMC on the next phase of growth as we deliver the Lewek Constellation,” Lee added.
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