Ezra hits an iceberg with net loss of US$7.8m

On back of mounting discontinued operations.

Another disappointing quarter is in the books for Ezra, as certain subsidiaries and associated companies related to the subsea division have been classified as discontinued operations.

According to OCBC, this is a result of Ezra selling its 50% stake in its subsea business to Chiyoda.

“In 4QFY15, net loss from discontinued operations was US$16.7m vs net profit of US$18.2m in 4QFY14, while net profit from continuing operations was US$8.9m vs net loss of US$7.1m in 4QFY14,” OCBC said.

“This set of results was again below expectations, but the group looks forward to a brighter future for its subsea division given its partnership with a new strategic partner,” they added.