Ezra suffered US$52m core net loss

Poor results disappoint analysts.

According to OSK DMG, Ezra reported a core net loss of USD52m, although a USD59m one-off gain from Ezion shares sale boosted its headline net profit to USD7.2m.

The group’s continued inability to deliver earnings, weak cash generation and industry-wide project delays could add further strain on its balance sheet.

Here's more from OSK DMG:

USD52m core net loss below expectations. Excluding a USD59m gain from one-off items, 3QFY13 core net loss of USD52m was below our and consensus expectations.

3QFY13 revenue rose 19% y-o-y and 28% q-o-q to USD317m on higher subsea and marine revenue, but blended gross profit margin was disappointing at 0.7% (3QFY12: 16.7%).

Significant oneoff items were: i) a USD67.4m gain from Ezion shares sale, ii) a USD4.5m gain from derivative financial instruments, iii) a USD7.2m loss from fixed assets sale, and iv) a USD5.2m net forex loss.