Ezra’s profit plunges 23% in 1Q15

It raked in $52.3m.

Ezra Holdings reported weak results for the first quarter of FY15. The firm reported a 23% year-on-year drop in gross profit to $52.3m (US$39.1m), coupled with a 6% year-on-year fall in revenue to $429.5m (US$321m).

According to OCBC, a bright spot is the fact that group saw other income of $90.3m (US$67.5m) which boosted net profit to $72.8 (US$54.4m) in the quarter, compared to $8.43 (US$6.3m) in 1QFY14.

“Stripping out one-off items, we estimate recurring pre-tax profit to be almost zero, a disappointing development. Meanwhile, the group’s subsea division has secured a contract from Apache Energy in Australia worth more than A$130m, and this will involve the soon-to-be-completed Lewek Constellation,” stated OCBC.