Ezion Holdings posts 28.8% rise in 2Q net profit, plans to issue bonus shares

Offshore services company Ezion Holdings said its net profit for the second quarter rose 28.8 per cent over a year ago to $36.2 million, on the back of an 80.9 per cent rise in revenue to $67.2 million.

The better performance was mainly due to contributions from the group's deployment of additional service rigs, as well as higher contributions from offshore logistic support vessels services as new projects commenced, Ezion said on Wednesday.

Earnings per share rose to 3.77 cents for the three months ended June 30, from 3.37 cents the previous year.

Group net asset value per share was also higher at 73.34 cents as at June 30, from 60.76 cents as at Dec 31 last year.

The company said it is proposing a bonus issue of one new share for every five existing shares held by shareholders. The bonus shares will be issued as fully paid at nil consideration to entitled shareholders, and will rank pari passu in all respects with the existing ordinary shares.