SINGPORE - Offshore contractor Ezra Holdings reported on Wednesday a 99 per cent fall in net profit to US$138,000 (S$187,600) from US$19.6 million for its second quarter ended Feb 28, 2015. While revenue was maintained at US$302 million, up one per cent from a year ago, much of the quarter's profit was due to non-controlling interests.
Lionel Lee, Ezra's group CEO, said that the company is seeing some results from its strategy to streamline core operations and focus on cash flow generation.
"While the current environment is challenging and will cause volatility in our results, we are cautiously optimistic that the long-term fundamentals of the oil and gas industry will remain encouraging," he said in a statement.
Ezra said in its results: "Any prolonged and continued decline in the oil price could lead to a slowdown in new project awards. Nevertheless, the group maintains a backlog of US$2.3 billion and our tendering activities remain robust."