Ezra Holdings' subsea prospects facing near-term pressure

Outlook positive but awarding delays possible.

According to OSK-DMG, Ezra Holdings remains positive on its subsea outlook with strong project tendering for its deepwater segment, especially for pipeline installation work, with the company participating in USD8bn tenders globally

"We agree with its mid/long-term assessment of the subsea outlook but recent commentary from global players suggests near-term pressure from competition and delays in project awards," said the research firm.

The comment came as Ezra Holdings reported an improved 4QFY13 revenue and net profit at USD419m (+29% y-o-y) and USD10m (+20% y-o-y), respectively, driven by better margins compared to 3QFY13.

"4QFY13 core net profit of USD6.4m was ahead of our expectation thanks to higher-than-expected revenue and
margins," said OSK-DMG.

Excluding exceptional gains, primarily from a USD67.4m gain from the disposal of AFS investments and USD28.8m from disposal of PPE, Ezra’s FY13 core net loss stood at USD45.8m.

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