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Ezion sinks to 1Q net loss of $18 mil

PC Lee
PC Lee5/12/2017 07:39 AM GMT+08  • 1 min read
Ezion sinks to 1Q net loss of $18 mil
SINGAPORE (May 12): Ezion has sunk to a 1Q net loss of US$12.7 million ($17.9 million) from $15.5 million a year ago as operating environment in the marine and offshore oil and gas industry remains challenging.
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SINGAPORE (May 12): Ezion has sunk to a 1Q net loss of US$12.7 million ($17.9 million) from $15.5 million a year ago as operating environment in the marine and offshore oil and gas industry remains challenging.

Revenue for 1Q17 fell 16.4% to US$68.6 million due to a reduction in charter rates, drop in utilisation rate of the group’s service rigs due as two units undergo class survey and repairs and further depression in utilisation rate of the group’s offshore support vessels.

Cost of sales and servicing decreased 2.6% to US$59.8 million.

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