Ezion’s profit surged 28.9% to $63.7m in Q3

Revenue also jumped 24.5%.

Ezion Holdings reported a 24.5% YoY rise in revenue to $122.81m (US$94.9m) and a 28.9% increase in net profit to $63.7m (US$49.2m) in 3Q14.

The increase in revenue was mainly due to the chartering contribution from the deployment of additional units of liftboats and service rigs.

According to OCBC, results were in line with expectations as Ezion’s 9M14 net profit accounted for 73% its full year estimates and 68% of the street’s full year estimates.

“Gross margin remained strong at 51.0% in 3Q14 vs 48.2% in 3Q13 and 51.1% in 2Q14. Ezion expects more of its service rigs to be deployed in 4Q14 and is also looking for opportunities to make strategic acquisitions,” stated OCBC.

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