False alarm: Ezion junks first profit reveal, slashes earnings to $11m

Additional impairments were taken into consideration.

After an associate company reported additional impairment for property, plant and intangible assets, Ezion Holdings Ltd. revised its reported net profit down to US$8.1 million for the quarter ending in June.

The impairment reported by its associate amounted to about US$ 7.66 million ($10.4 million).

Initially, the group claimed to register a 31.5% net profit dip to US$19.8 million ($26.94 million) due to the deployment of additional service rigs.

"An associated company has provided for additional impairment of property, plant and equipment and intangible assets from the period where the management accounts of the associated company was furnished to the Company as compared to the release of the associated company’s result announcement," Ezion said in a statement.

Profit for the half-year was revised to US$23.62 million ($32.1 million) from the initial reported result of US$35.33 million ($48.07 million).

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