Ezra ushers in FY14 with 22 per cent jump in revenue

Company News - January 10, 2014

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Ezra Holdings Limited continued its steady operational growth into 2014 led by the groupís Subsea Services division, EMAS AMC.

For the three months ended 30 November 2013 (1QFY14), revenue for the group grew 22 per cent to US$339.8 million from US$278.7 million in the corresponding period last year (1QFY13).

EMAS AMC was the main revenue contributor as a result of an increase in project activity, bolstered by the addition of strategic pipelay installation assets during the fourth quarter of FY2013.

EMAS AMC contributed significantly with US$59.5 million of the US$61.1 million increase in the groupís revenue for the quarter and remained operationally profitable.

EMAS Marine, the groupís Offshore Support Services division, reported flat revenue contributions compared to the year before. Operating margins were impacted by vessel maintenance and costs relating to operational transit although this is expected to improve over the longer term.

Earnings before interest tax depreciation and amortisation (EBIDTA) for the group improved to US$39.4 million with profit after tax increasing by 11 per cent to US$8.7 million compared with US$7.9 million in 1QFY13, which included a US$3.8 million gain on disposal of assets.

The groupís orderbook remains strong at above US$2.0 billion with Offshore Support Services division utilisation at about 90 per cent.

Ezraís Group CEO and Managing Director Lionel Lee, said: ďOur first quarter performance is a testament to the strong operational platforms we have built and I am confident that we will be able to fully capitalise on them.

"I am pleased that EMAS AMC has sustained its operational improvements with a second consecutive quarter of operational profit.Ē

Going forward, Ezra expects that the long-term fundamentals of the oil and gas industry will remain strong with increase investments.

The company said its flagship construction vessel, Lewek Constellation, "will raise Ezra to the next level of the subsea industry where competition is limited."

The vessel has completed sea trials in Vietnam and is in transit to China for the installation of a 3,000 tonne Huisman crane, following which she will head to West Africa for her first project.


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