Ezion

Ezion: Strong set of 4Q12 results which were above estimates. 4Q12 rev at $52.3m, +91.8% yoy and +35.5% qoq, while net profit at $20.5m, +95.7% yoy and +27.3% qoq. Result brings FY12 rev to $158.7m, +48.4% yoy and net profit to $78.8, +35.7% yoy. Gross margins at 44.5% vs 51.7% yoy. Strong results was largely on the back of the chartering contribution from deployment of additional units of Grp's multi-purpose self-propelled jack-up rig (Liftboat) and Jack-up Rig (Service Rigs); and higher contribution from offshore logistic support vessels, with the commencement of the QCLNG project. Grp’s JV’s also saw a 77.8% rise in Fy12 contributions, at $16.9m, mainly derived from Grp's JVs in Aus and Service Rigs. Going forward, expect more assets to be deployed in 2013, which includes Liftboats and Jack-up Rigs, and expect to enjoy higher rev from Aus with commencement of the APLNG and GLNG projects in 2013. Leveraging on its track record, experience and existing business infrastructure, will continue to pursue business opportunities to support LNG related projects in Australia and its vicinities. Aims to continue focusing on investment in Service Rigs to meet strong demand from customers. Barring any unforeseen circumstances, Grp expects to perform better in FY13. Grp has announced a $0.001 div per share.