Stock Name: Ezra
Company Name: EZRA HOLDINGS LIMITED
Ezra said its net profit for the third quarter fell 75% to US$6.6 million ($8 million) from US$26.3 million a year ago, due to higher expenses resulting from its expansion.
Company Name: EZRA HOLDINGS LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 1.80 |
Shares of Singapore oil and gas services firm Ezra Holdings (EZRA.SI) fell 3.4% on Friday to a two-week low after it reported worse-than-expected quarterly earnings, traders said.
At 9:06 a.m., shares of Ezra were traded at $1.435 with over 1 million shares changing hands.
At 9:06 a.m., shares of Ezra were traded at $1.435 with over 1 million shares changing hands.
Ezra said its net profit for the third quarter fell 75% to US$6.6 million ($8 million) from US$26.3 million a year ago, due to higher expenses resulting from its expansion.
Brokerages DMG & Partners and CIMB Research have cut their target prices for Ezra to $1.80 on the back of its disappointing earnings, due to lower than expected gross margins for its offshore support business and higher-than-expected interest expense.
CIMB has cut its earnings estimates for Ezra by 5-38% for 2011-2013, but has kept its outperform rating on the firm as it expects stronger project execution and sizeable contract wins from the firm in the near term.
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