STOCKS NEWS SINGAPORE-Ezra dips after earnings disappoint

Last Updated: Fri, Jul 12, 2013 04:20 hrs

Ezra Holdings Ltd shares lost as much as 5 percent after the company reported an earnings miss, amid a fall in Singapore's benchmark stock index after a three-day rally.

Ezra Holdings, a Singapore-based offshore oilfield service provider, said net profit for the three months ended on May 31 plunged 68 percent on the year to $7.2 million, after counting in a one-off gain from its divestment of shares in Ezion Holdings Ltd.

"Stripping that out, Ezra would have reported a core net loss of US$57.7m, significantly worse than our projections of US$15m profits," DBS Vickers said in a research note.

Barclays kept its "underweight" call on the stock and target price at S$0.90.

Ezra's shares were down 3.9 percent at S$0.975 at 0352 GMT, They have fallen about 14 percent this year.

Ezra also announced a string of order wins worth over $630 million

Singapore's Straits Times Index was down 0.6 percent at 3,228.15, snapping a three-day winning run.

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