Ezra posts 42% rise in 1H gross profit to $67.5m

Ezra Holdings says gross profits rose 42% to US$54 million ($67.5 million) for the six months ended 28 February 2011 (1H FY2011). Revenue rose 29% year-on-year to US$174.8 million over the same period.

Ezra says the increase in revenue is due to growth in the Offshore Support Services Division and the Subsea Services Division. Under the Offshore Support Services Division, higher revenue was achieved from five Platform Supply Vessels and an Anchor Handling Tug and Supply Vessel.

The Subsea Services Division also saw higher revenue due to an increase in well servicing projects in 1H FY2011 compared to 1H FY2010.