NET loss for Ezion Holdings swelled to US$75.4 million in the third quarter ended Sept 30 from a net loss of US$8.06 million a year ago, it announced in a Singapore Exchange filing on Tuesday.
Third-quarter revenue for the troubled offshore and marine group was US$24.7 million, down 12 per cent from the previous third quarter. This was mainly due to reduced utilisation and charter rates for the group's jack-up rigs, tugs and barges in Q3. Following an impairment assessment, Ezion recognised an additional impairment of US$49 million, mainly comprising impairment losses on plant and equipment, and trade and other receivables. It also recognised additional loss allowances for expected credit losses on financial guarantees to a joint venture of US$8.1 million. Other operating expenses increased to US$60 million from US$2 million a year ago as a result.
For the nine months ended Sept 30, net loss was US$455.07 million, while the company had a net profit of US$48.4 million in the same period of the previous year.
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