Friday, October 25, 2013

EZRA

4Q net profit of US$10.0m (+20% y/y) and revenue of US$419.2m (+28%) brought full year earnings to US$53.6m (-19%) and revenue of US$1.3m (+28%), above street estimates. The strong top line was due to good performances across its three segments, as revenue was contributed from the inclusion of new vessels, an increase in the number of projects undertaken as the division continues to grow and leverage on its platform towards scale, as well as the completion of three offshore support vessels and the commencement of the construction of three self-elevating units as compared to FY12 where the revenue contribution were from projects at different stages of completion. Ezra declared a 0.5¢ dividend for FY13. Separately, Ezra has appointed a new CFO to the group, Eugene Cheng, which has previous stints with JP Morgan's Corp Finance and M&A functions, as well as Citigroup's Investment Banking arm.

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