Ezra hit with $4m loss in Q3

Blame it on the O&G downturn.

Ezra Holdings reported a net loss of $4m (US$3m) in the third quarter, on back of the current oil and gas downturn.

The group's revenue slipped 3% year-on-year to $526.82m (US$390.7m), while profit after tax crashed a whopping 96% to just $539,000 (US$400,000).

Ezra's subsea division also reported lower profit due to lower profit contribution from Lewek Express.

"The Offshore Services Industry continues to experience significant challenges in its growth outlook in the light of
the current oil price environment which would likely lead to reduced oil & gas spending and activity. Consequently, the Group is likely to face strong headwinds in the foreseeable future.," Ezra warned