PUBLISHED JANUARY 12, 2013
Q1 profit of Ezra's EOC unit hit by revenue plunge
BY ANGELA TENG PRINT |EMAIL THIS ARTICLE


EOC Ltd, an associate company of Ezra Holdings, recorded a 91 per cent year-on-year plunge in profit to US$747,000 for the first quarter ended Nov 30, 2012.
This came as revenue for the three months plummeted 83 per cent to US$10.53 million. There was no revenue contribution from the vessel Lewek Arunothai in Q1 FY2013 as the contract with the client was concluded on Nov 28, 2011. There was also no one-off project revenue contribution in Q1 FY2013 as compared with a construction project undertaken in Papua New Guinea in Q1 FY2012 which contributed US$24.8 million in revenue, said EOC, a provider of offshore construction and production vessels and services.
Earnings per share were 0.67 US cent, down from 7.64 US cents a year earlier. Gross profit in Q1 was US$5.78 million, down 62 per cent from the US$15.1 million a year ago.
To position itself for expansion, EOC intends to capitalise on the buoyant market for offshore construction and production services.