Ezra sees profits jump

Cashing in: Ezra posted a 244% rise in third quarter profits

AFP/SCANPIX

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Danica Newnham

 13 July 2012 08:19 GMT

Offshore contractor Ezra Holdings has reported a 244% jump in net profits to $22.4 million for the third quarter of the financial year.

The Singapore-listed group’s revenue for the quarter, which ended 31 May, also increased by 61% to $265.6 million compared to the same period last year.

Ezra’s acquisition of Aker Marine Contractors (AMC) in March last year and the subsequent start of new subsea projects was the main driver for the rise in revenue, the company stated.

In particular, its subsea division EMAS AMC largely contributed to a 53% rise in gross profit, to $44.4 million, during the quarter.

Ezra managing director Lionel Lee said in a statement that the company’s strong results reflected the…

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