Ezion revises down Q2 net profit by S$15.9m to S$11m after more impairment from associate

Ezion Holdings has revised down its net profit for the second quarter by US$11.7 million (S$15.9 million) on Aug 29.
Ezion Holdings has revised down its net profit for the second quarter by US$11.7 million (S$15.9 million) on Aug 29. PHOTO: EZION HOLDINGS

SINGAPORE - Ezion Holdings has revised down its net profit for the second quarter by US$11.7 million (S$15.9 million) after an associate company reported additional impairment for property, plant and equipment and intangible assets on Aug 29.

Earnings for the three months ended June 30, 2016, have been more than halved to US$8.1 million (S$11 million) from US$19.8 million reported earlier, Ezion said in a filing to the Singapore Exchange before markets opened on Tuesday (Aug 30).

Profit for the first half-year for the liftboat and accommodation jack-up rig operator is now US$35.3 million from US$23.6 million.

Ezion added that its impairment in the associate company amounts to approximately US$7.66 million.