Ezion sails to higher profits

More money in the bank: Singapore's Ezion Holdings posted a more than 130% rise in profits during the second quarter

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Josh Lewis

 08 August 2012 09:12 GMT

Singapore-listed Ezion Holdings posted a surge in profits during the second quarter of the year as it benefited from the sale of a subsidiary and revenues increased.

Profit for the three month period was US$28.1 million, compared to $12.2 million during the second quarter of 2011.

Helping lift profits was US$13.8 million reported in “other income” which Ezion attributed mainly to a gain derived from the divestment of a subsidiary which owned a multi-purpose self-propelled jack-up rig.

Revenues for the quarter also jumped 41.2% for the three months 30 June to US$37.2 million, compared to $26.3 million booked during the same period a year ago.

Ezion credited the rise in revenue to charter contributions from the deployment of two additional…

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