Singapore: Ezra Holdings slipped on full year net profit but revenue rose year-on-year as activities in the global oil and gas industries remain active.
Net profit for the year ended 31 August 2011 dropped 47% to $40.2m compared to $76.5m in 2010.
Revenue, however, climbed 58% to $559.1m compared to $353.6m a year ago.
The Singapore-listed offshore services firm blamed the fall in profit to higher administrative expenses, higher financial expenses and lower share of profits from associated companies.
On the same day that Ezra announced its results, the company clinched a second contract awarded by BP to perform subsea work in the Atlantis field in the Gulf of Mexico.
The first project was completed in 2010 along with the installation of subsea hardware for BP's Thunder Horse project.
Looking ahead, Ezra believes that demand for medium to large sized offshore support vessels will continue to be strong.
Story from www.seatrade-asia.com.
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