Ezra Expects Red Ink

Ezra Holdings said it expects negative financial results for the first quarter ended November 30, 2015 (1Q2016), compared to the year-ago earnings.

This means that the Singapore-listed company will post net loss second quarter in a row.

In the previous quarter (4Q2015) ending August 31, the profit was slashed by a $16.7 million loss from discontinued operations which led to a negative $7.8 million attributable to the owners of the company.

“The expected net loss is mainly attributable to the continuing depressed state of the oil and gas industry which has impacted activities in the global offshore marine and subsea industry,” the company said in a press release.

Ezra said it will release its 1Q2016 results on January 14, and also advised that in the meantime its shareholders and investors should exercise caution when dealing in its shares.

Ezra’s shares price fell some 75 percent since January last year.

Subsea World News Staff

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