Ezion Holdings' Q1 net profit rises 61.6%

SINGAPORE - Ezion Holdings, a Singapore-headquartered liftboat developer, owner and operator and offshore logistics support service provider, has reported a 61.6 per cent rise in first-quarter net profit to US$45.2 million (S$58.3 million).

Revenue for the three months to March 31 increased by 72.3 per cent to US$94.4 million.

The group attributed the rise to chartering contribution from the deployment of more units of its service rigs.

Earnings per share was 3.77 US cents, down from a restated 4.18 cents for the same period last year.

Ezion Holdings said its total equity increased by US$77.3 million to US$877.6 million due to profits derived in the first quarter of 2014, and the issuance of new ordinary shares and redeemable exchangeable preference shares.