Ezra

Ezra: Announced FY12 results, slightly short of estimates, although the highlight could be the turning of its subsea division into the black again. 4Q12 rev at $326.3m, +49% yoy, while net profit at 7.2m, -41% yoy. Gross margins improved however at 22.3% vs 14.2% yoy . Result brings FY12 rev to $984.2m, +76% yoy and net profit to $64.9m, +63% yoy. Surge in revenue was largely led by grp’s subsea services division, which trebled its turnover to US$551.6m in FY12 from US$179.5m yoy. The subsea services division achieved a milestone, reporting a profit from operations of US$30.7m against a loss of US$18.3m in FY11. This was accomplished in just a spam of 18mths. Grp note that going forward, Ezra will remain focused on its core divisions to deliver growth and boost the Group’s operational efficiency. On prospects for the coming year, add that demand for subsea and offshore support services remains firm, underpinned by growth in capital expenditures by the energy majors, with the grp currently bidding for up to US$7b in projects globally. Shareholders of Ezra also recently benefited from the scrip dividend in specie of TRIYARDS, which made its debut. Through a 67% stake in TRIYARDS, Ezra will continue to gain from the co’s rapid development as it establishes itself as a leading fabrication yard for self-elevating units (SEUs), specialised offshore equipment and sophisticated offshore support vessels in Asia.