Ezion's Q3 net profit up 24.4% to $19.7m

Ezion Holdings said it posted net profit of US$16.10 million ($19.7 million) for the third quarter ended Sept 30, 2012,  up 24.4% from a year ago to.

Revenue for the quarter gained 21.1% to US$38.63 million due to chartering out of an additional unit of the group’s liftboat and service rigs and also higher contribution from the offshore logistic support vessels services with the start of the Queensland Curtis LNG (QCLNG) project.

Earnings per share for the quarter was 1.89 cents, compared to 1.81 cents a year ago.

Meanwhile, in a separate announcement, Ezion said its JV with Kim Seng Holdings has won contracts worth up to US$298 million to provide 2 service rigs over a seven-year period to support the oil & gas activities of a national oil major in Central America.

The Service Rigs which will be deployed in the Bay of Campeche are expected to be working in the Q1 of 2013.