Offshore services firm Ezra International's net profit dips 6% on absence of one-off gains

Ezra International has posted a 6 per cent dip in its first-quarter net profit to US$6.3 million (S$8.1 million), in the absence of a one-off gain from the sale of assets recognised in the same period last year.

Revenue for the Singapore-listed offshore services company rose 22 per cent to US$339.8 million in the three months to Nov 30 last year, on the back of a better performance in its subsea services division, it said on Friday.

This was partially offset by a US$0.8 million decline in revenue from the offshore support services division, due to vessels undergoing repair and maintenance and in transit to the next area of operation.

The subsea services division accounted for US$59.5 million of the company's US$61.1 million increase in revenue in the first quarter from a year ago.

This was due mainly to an increase in the number and value of projects undertaken by the division.

Revenue from the marine services division was up US$2.4 million over the corresponding period in the last financial year, due to an increase in engineering and fabrication activities.

Ezra's earnings per share for the first quarter was 0.65 US cents, down from 0.69 US cents a year ago.

Net asset value per share was US$1.18 as at Nov 30 last year, slightly up from US$1.17 as at Aug 31 last year.

The long term fundamentals of the oil and gas industry are expected to continue driving industry capital expenditure trends, the company said in its statement on Friday.

This will benefit the group's subsea services, marine services and offshore support services divisions.

Its orderbook stands at more than US$2 billion.