Ezra sinks into maelstrom as it suffers a net loss of US$239.2m in 3Q

On back of a one-off loss and the O&G downturn.

The offshore solutions company sinks even deeper into the red as it continues to grapple with the industry downturn, aggravated by a one-off loss.

According to a press release by Ezra, revenue for the three month period declined by 10% to US$125.7 million and was largely stable for 9MFY2016 at US$389.2 million.

“The decrease in revenue for 3QFY2016 was mainly due to lower revenue posted by its Offshore Support and Production Services and Energy Services divisions. Both units came under pressure from sustained general weakness and decreased activity in the market,” the press release said.

Meanwhile, the share of profit from its JV companies, which primarily reflects earnings from EMAS CHIYODA Subsea, more than doubled year-on-year from US$4.0 million in 3QFY2015 to US$8.2 million in 3QFY2016.