Singapore-listed Ezion Holdings saw net profits rise 28.8 per cent to $36.2m in the second quarter, backed by an 80.9 per cent jump in revenue, upstreamonline.com reported on Wednesday.
The offshore rig owner said its revenue of $67.2m, a $30.1m improvement on last year, was partially due to the chartering contribution from the deployment of additional service rigs.
Ezion also attributed its better performance to higher contributions from offshore logistic support vessel services from the Queensland Curtis liquefied natural gas project, as well as the start-up of Australia Pacific LNG and Gladstone LNG projects, all in the Australian state of Queensland.
A 72.8 per cent rise in administrative expenses to $4.26m corresponded to increased business activities and staff levels to meet the demands of an increase in business volume.
However, operating expenses were 65.6 per cent lower than last year, mainly due to lower impairment losses and the reversal of impairment loss on receivables.
Within the Ezion’s gross profit, other income was 78per cent lower than last year at $3m mainly due to a gain recognised in 2012 from the divestment of a subsidiary which owned a multi-purpose jack-up rig.