Ezion: Ezion 4Q14 results came in line with street estimates, with a 107% y/y spike in net profit to US$83.7m, as revenue climbed 25% to US$104.6m, from the contribution of additional liftboats and service rigs deployed for charter.
Meanwhile, gross margin improved 1.9 ppt to 50.6% (3Q14: 51.0%).
Bottom line was boosted by a one-time disposal gain of US$34.9m from the sale of its marine supply base to AusGroup, partially offset by additional interest expense from a higher funding base.
This brought FY14 earnings to US$223.8m (+40%) and revenue to US$386.5m (+37%).
Notably, balance sheet strengthened from 1.03x to 0.86x from the sale of the marine supply base.
First and final DPS of 0.1¢ declared, equivalent to FY13.
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