Ezra's profits soared 62% to US$13.5m

All thanks to stronger revenue.

According to a release, Ezra Holdings Limited sees recovery of performance in 4QFY13 as EMAS AMC, Ezra’s Subsea Services business, establishes a solid operational foundation for the Group.

For the financial year ended 31 August 2013, the Group posted revenue growth of 28% to US$1.26 billion from US$984.2 million in the previous corresponding period. Fourth-quarter revenue in FY13 also increased 28% to US$419.2 million from US$326.3 million in the same period last year.

The Group’s revenue growth was led by the Subsea Services division, which independently contributedUS$236.0 million of the Group’s revenue increase of US$277.9 million for the financial year.

The significant increase in the number and value of projects undertaken by EMAS AMC in FY13, in comparison to the previous year, were the main drivers for the revenue increase.

The Group’s Offshore Support Services (EMAS Marine) and Marine Services (which includes engineering and fabrication activities under TRIYARDS) divisions also recorded increases in revenue which in turn, contributed to the overall revenue growth.

The growth in revenue contributed to the 62% jump in the Group’s 4QFY13 net profit after tax to US$13.5 million from US$8.3 million in 4QFY12. In FY13, net profit after tax stands at US$64.1 million, dipping slightly from US$66.0 million recorded in the previous year.