Ezion’s net profit down 9.4% to $54.7m in Q1

Due to lower revenue, higher costs.

Ezion Holdings reported that its net profit declined 9.4% year-on-year to $54.7m (US$41m) in the first quarter.

The group reported a 4.6% decline in revenue, mainly due to a lack of contributions from its marine and offshore logistic support services division as the projects in Queensland, Australia did not go into additional trains as originally planned.

Ezion was also impacted by higher cost of sales and servicing, which grew 3.1% in the quarter. The increase was due to the deployment of additional service rigs.

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