MD Lionel Lee may have tried to “steer”
investors focus on to Ezra’s results for the full
fiscal year ended Aug ’08: profit more than
doubled to US$175.4 mln.
- But he can’t “hide” the 84% drop in profit in the
final quarter, to US$6.72 mln from US$43.3 mln
a year ago, largely due to the US$45.4 mln swing
in Other Operating Income to a deficit of
US$9.86 mln, due to the US$5 mln forex loss,
US$4.6 mln allowance for bad debt etc.
- Note also no final dividend has been declared,
after the 5 cents special interim costing US$21.3
mln.
- More questions have in turn surfaced in recent
times, especially concerning a private company
called STP Energy, which charters the Ensco
56 (a jack-up rig) from Ensco through Ezra, to
prospect for oil, such as, who’s behind STP, and
why not lease the vessel direct from Ensco rather
than through Ezra?
- While Balance Sheet appears healthy (US$153.1
mln cash vs US$195.3 mln borrowings on
Shareholders Funds of US$370.1 mln, we remain
concerned with the US$750 mln capex program,
even though funding has been “secured”.
NOL
- NOL has reduced capacity on the Asia-Europe
and transpacific routes.
CAPITAMALL TRUST
- CMT has shelved asset enhancement initiatives
at 3
investors focus on to Ezra’s results for the full
fiscal year ended Aug ’08: profit more than
doubled to US$175.4 mln.
- But he can’t “hide” the 84% drop in profit in the
final quarter, to US$6.72 mln from US$43.3 mln
a year ago, largely due to the US$45.4 mln swing
in Other Operating Income to a deficit of
US$9.86 mln, due to the US$5 mln forex loss,
US$4.6 mln allowance for bad debt etc.
- Note also no final dividend has been declared,
after the 5 cents special interim costing US$21.3
mln.
- More questions have in turn surfaced in recent
times, especially concerning a private company
called STP Energy, which charters the Ensco
56 (a jack-up rig) from Ensco through Ezra, to
prospect for oil, such as, who’s behind STP, and
why not lease the vessel direct from Ensco rather
than through Ezra?
- While Balance Sheet appears healthy (US$153.1
mln cash vs US$195.3 mln borrowings on
Shareholders Funds of US$370.1 mln, we remain
concerned with the US$750 mln capex program,
even though funding has been “secured”.
NOL
- NOL has reduced capacity on the Asia-Europe
and transpacific routes.
CAPITAMALL TRUST
- CMT has shelved asset enhancement initiatives
at 3