Ezion’s 2Q earnings down 31.5% to US$19.8 mil

SINGAPORE (Aug 11): Ezion Holdings saw a 31.5% fall in 2Q earnings to US$19.8 million ($26.6 million) from US$28.9 million a year ago on lower gross profit.

Revenue for the three months ended June decreased by 7% to US$83.7 million from last year, mainly due to service rings that underwent modifications and routine class surveys.

Cost of sales and servicing for the quarter also increased by 12.4% to US$65.9 million due to the deployment of additional service rigs, comprising multi-purpose self-propelled jack-up rigs and jack-up rigs.

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