Thursday, July 31, 2014

Ezion posts 25% rise in 2Q earnings to $57 mil

Ezion said it posted a 25.2% rise in earnings for 2Q ended June of US$45.4 million ($56.6 million) from a year ago. Revenue rose 37.8% to US$92.6 million.

The increase in revenue was mainly due to the chartering contribution from the deployment of additional units of the group’s multi-purpose self-propelled jack-up rig and jack-up rig.

The group's gross profit for 2Q14 improved by US$16.3 million (52.4%) to US$47.4 million as compared to 2Q13.

Net cash inflow from operating activities was US$66.6 million. This was mainly due to the net cash generated by the operations of the group.

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