Ezion Q4 profit more than doubles to US$83.7 million

SINGAPORE - Mainboard-listed Ezion Holdings announced on Monday that net profit for the fourth quarter ended Dec 31, 2014, surged 106.8 per cent to US$83.7 million on the back of a 24.9 per cent rise in revenue to US$104.6 million.

The group, which supplied marine logistics and support services to the offshore oil and gas industries, said the increase in revenue was mainly due to the chartering contribution from the deployment of additional units of the group's service rigs. It also enjoyed a US$34.9 million gain on disposal of subsidies compared with US$2.02 million a year ago.

For the full 2014 financial year, profit rose 39.4 per cent to US$223.7 million while revenue rose 37.1 per cent to US$386.5 million.

A dividend of 0.1 cent per ordinary share was declared, similar to a year ago.