Ezion posts wider Q4 net loss, says potential rescue talks reach 'advanced' stage.
A WHITE knight could be coming to the rescue of troubled offshore and marine group Ezion Holdings, which posted widening losses for the fourth quarter on Friday.
The troubled Ezion, which had issued a profit guidance on Feb 4, has reported a post-tax loss of US$390.8 million for the three months to Dec 31, or 18 per cent deeper into the red than in the previous year, as revenue plunged by 33.5 per cent to US$29.7 million.An overall slump in charter rates across the fleet was named by the company as one of three key factors for the tumble in turnover, while credit woes accounted for the other reasons.
Ezion's shrinking gross profit was then eaten into by a higher cost of sales and servicing - from maintenance for the vessels with delayed redeployment - as well as impairment losses on loans to joint ventures, plant and equipment, trade receivables and other receivables, and currency losses. "The availability of funds from the lenders will also be crucial to the group's ability to put its mainly production-related asset into deployment to meet the requirement from its clients. The management will continue to work intensely with the secured lenders on the drawdown of the required funds."
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