Ezra Holdings' net profit climbed 34% to US$29.7m

Thanks to a boost from its fixed assets disposal.

According to OCBC Investment Research, Ezra Holdings reported a 17% YoY increase in revenue to US$247.1m and a 34% rise in net profit to US$29.7m in 2QFY13, such that 1HFY13 revenue and net profit met 42% and 71% of our full year estimates, respectively. 

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However, we note that net profit was bumped up by a US$30m disposal gain on fixed assets; excluding that, core net profit was minimal. Uncertainty in the Eurozone has weighed on sentiments, and project execution and awards have been delayed relative to industry participants’ expectations in 2012.

Pending an analyst briefing later, we put our HOLD rating and fair value estimate of S$1.30 under review.