Ezra suffers US$52m core net loss

Analysts were really disappointed.

According to OSK DMG, Ezra reported a poor set of operating numbers with a core net loss of USD52m. Headline net profit of USD7.2m was boosted by USD59m one-off gains primarily due to sale of Ezion shares. 

3QFY13 revenue rose 19% YoY, 28% QoQ to USD317m on higher subsea and marine revenue but blended gross profit margin was disappointing at 0.7% (3QFY12: 16.7%).

Here's more from OSK DMG:

Earlier before the results announcement, Ezra reported USD505m new orders, lifting its backlog order book to USD2bn. 

Post results, we slash our FY14-15F core EPS estimates by 12-24% on lower margins. In our view, continued inability to deliver earnings, weak cash generation and industry-wide project delays could add further strain on the balance sheet. D