Ezra 1 (May 08 - Dec 09)

[Musicwhiz]

A decent set of results, but perhaps Ezra should start working on their Balance Sheet and Cash Flow Statement instead of over-focusing on its Income Statement.

[winston]

Not vested. From King Eng:-

Ezra Q4 profit jumps despite fall in revenue

EZRA Holdings yesterday posted a more than quadrupling in net profit to US$27.1
million for its fourth quarter ended Aug 31, 2009, from a restated US$6.59 million
for the previous corresponding period.

The Q4 results were helped by a net 'other operating income' of US$6.1 million - a
reversal from net 'other operating expenses' of US$9.86 million for the preceding
year's comparative period - higher gross profit margins and a US$4.5 million fall in
administrative expenses.

[Musicwhiz]

Dear all, Part 1 of my analysis of Ezra's FY 2009 Financials and Prospects has been posted on my blog. Feel free to visit and leave comments, thanks !

[Chiron]

Hi MusicWhiz, ur analysis on Ezra is fabulous. Really provided a deep insight to the company operation.

Thanxs!

[Aspellian]

<not vested - just tracking>
TOL: any delay cost to EOC / Ezra as a result of FPSO not commissioned since June 08 delivery and subsequent installation?. If its all factored and provided already, then revenue and income will be higher in future?

But usually when first gas already started (despite not commissioned), gas volume will be quite substantial as first priority of customer to ensure first and subsequent gas to flow smoothly. Unless contract between EOC and PTTEP requires commissioning before full billing can be done?

I do not know details nor studied Ezra's books as well as MW, but a wild guess for the super high AR as of 30 Sept 09 (doubled compared to last year), could partly be due to PTTEP holding back payment until full commissioning - i will do that if i am PTTEP. But not sure whether FPSO under EOC is part of Energy Division?? or probably not - tot Energy division is lift boats (yet to be delivered) and what else??

Anyways, - if high AR is due to PTTEP holding back payment, the risk of bad debt should be mitigated - PTTEP is a reputable Thai NOC. Unless PTTEP dispute that no billing is to be done before FPSO commissioning but EOC interpreted otherwise - then that will be a big story to write! Just wild guesses on my part.

Cheers to all!

Financial woe for Emas’ FPSO
Singaporean contractor Emas Offshore (EOC) is still not earning revenue from its floating production, storage and offloading vessel located on Thailand's Arthit North field.

The company said in its latest quarterly results that the Lewek Arunothai FPSO – its first such vessel – is "under commissioning. This FPSO is expected to contribute positively to our revenue and earnings by FY2010 onwards".

The FPSO was also in the commissioning phase during Emas' quartely results in July when it said the floater was "expected to contribute significantly to our revenue and earnings” by the end of August 2009.
Emas took delivery of the FPSO in June 2008. Ever since, there have installation and commissioning problems.

Field owner PTTEP said in July that gas from Arthit North had been supplied to its gas buyer, but production is understood to be irregular while commissioning is ongoing.

--------------------------------------------------------------------------------
Friday, 16 October, 2009, 03:33 GMT | last updated: Friday, 16 October, 2009, 03:37 GMT
source:upstreamonline

background of the FPSO and its progress:
http://publishing.yudu.com/Aw7vh/OMT4Q0 ... ces/21.htm
http://www.emasoffshore-cnp.com/about_our_fleet.php
http://www.pttep.com/en/ourBusiness_EAn ... =99&type=1

[Musicwhiz]

Dear all, Part 2 of my analysis of Ezra's FY 2009 Financials and Prospects has been posted on my blog. Feel free to visit and leave comments, thanks !

[kennynah]

MW... you are very good with all the info and analysis...

i read until LPC... still, cannot understand... you too good

[Musicwhiz]

MW... you are very good with all the info and analysis...

i read until LPC... still, cannot understand... you too good

Kenny, thank you for visiting.

Btw, what is "LPC" ?

[kennynah]

the real elongation probably will get me banned from this forum....

but let's just say

LPC = Lau Pee Chwee

[ichew]

anyone seen this lunch time news?

http://ezra.listedcompany.com/newsroom/ ... 9D1D.1.pdf

EOC’s 2nd FPSO bags contract worth up to approximately US$1bn for Vietnam’s Chim Sao oil project

Ezra Holdings Limited (Ezra, the Group or 以斯拉控股), Asia‟s leading integrated support and marine services provider in the offshore oil & gas (O&G) sector, announced that its construction and production arm, EOC Limited (EOC), has secured its largest ever contract from Premier Oil to operate a new Floating Production, Storage and Offloading vessel (FPSO) for Vietnam‟s high-profile Chim Sao oil project.

technically, i think worth a punt
fundamentally, i nv like them

vested..just