Singapore's Ezion posts 31.5 pct fall in Q2 profit

Singapore's Ezion Holdings Ltd, an owner of service rigs used in offshore energy markets, posted a 31.5 percent fall in quarterly profit and said it expected headwinds to continue in the second half of the year as oil prices stay low. The company reported a net profit of $19.8 million in the second quarter, compared with $28.96 million a year ago. Revenue fell 7 percent. The latest quarter's results included a gain on the sale of an asset. Ezion is one of several companies in Singapore's offshore and marine sector whose financial results have been hit by the slump in oil prices. Last month, oilfield services firm Swiber Holdings applied to place itself under judicial management, after initially filing for liquidation, becoming the largest local company to fall victim to the slump in oil prices. Source: Reuters (Reporting By Aradhana Aravindan; Editing by Richard Pullin)

View All Articles