Ezion sees 29% rise in 3Q net profit from improved chartering earnings

Mainboard-listed Ezion Holdings reported on Thusday that net profit for the third quarter of 2014 rose 28.9 per cent to US$49.2 million from US$38.2 million for the same period last year.

This was achieved on the back of a 25 per cent rise in revenue to US$94.9 million from US$76.2 million, mainly due to chartering contribution from deployment of additional units of the group's jack-up rigs.

Earnings per share rose to 3.63 US cents from 2.75 US cents. No dividend was recommended, unchanged from the previous period.

The offshore marine group said that while there was weakness in oil prices recently, the management "continues to observe the requirement on assets and services related to platform and well related works in the group's existing markets" such as Asia Pacific, Middle East, West Africa and Europe.