Ezra Holdings Ltd. reported unaudited consolidated earnings results for the first quarter ended November 30, 2012. For the quarter, the company's revenue was $278.7 million compared with $180.5 million a year ago. Profit from operations was $20.4 million compared with $18.0 million a year ago.

Profit before tax was $13.7 million compared with $16.1 million a year ago. Profit after tax was $7.9 million compared with $13.3 million a year ago. The group reported a net attributable profit of $6.8 million or 0.69 cents per basic and diluted share against $13.3 million or 1.54 cents per basic and diluted share for the previous corresponding quarter.

This decrease was mainly attributable to higher personnel costs incurred to build up the subsea services division's manpower base in preparation of new projects and vessels, lower contributions from associated companies and higher financial expenses in respect of the Group's expansion programme. Earnings before interest, taxes, depreciation and amortization increased $4.2 million, or 12%, year-on-year to $38.7 million. Net cash used in operating activities was $64.9 million compared with $9.9 million a year ago.

Purchase of fixed assets was $17.4 million compared with $12.3 million a year ago.