Wednesday, August 8, 2012

Ezion

Ezion: Announced 2Q12 results which slightly missed bullish estimates, with rev at $37.2m, +41.2% yoy and +21.5% qoq, while net profit at $28.1m, +130.4% yoy and +99.2% qoq. Very strong bottom-line was largely attributed to a surge in other income (Once-off) due to the divestment of a subsidiary, which owned a unit of multi-purpose self propelled jack-up rig. Increase in rev was mainly due to chatering contributions from deployment of 2 additional units of grp’s Liftboats and the deployment of additional 3rd party vessels in support of the Gorgon gas fields in Australia. Going forward, grp expects more assets to be deployed in 2H12, including liftboats and Jack-up Rigs and expects to enjoy higher rev from Aus with the commencement of the QCLNG project in 2H12. Grp will also continue to focus on investment in Service Rigs to meet the strong demand from its customers in the oil and gas industry. Given grp’s dominant position/leading position in Asia as a service rig/liftboats provider, we expect most houses to retain their Buy Call on the grp.

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