EMAS Offshore Limited announced unaudited consolidated earnings results for the first quarter ended November 30, 2015. For the quarter, the company reported revenue or $49,751,000 against $72,710,000 a year ago. Loss from operations was $3,902,000 against profit from operations of $147,224,000 a year ago.

Loss before income tax was $2,679,000 against profit before income tax of $149,338,000 a year ago. Total comprehensive loss for the financial period attributable to equity holder of the company was $3,474,000 against income of $120,042,000 a year ago. Loss per share were 0.01 cents against earnings per share of 0.38 cents a year ago.

The decrease in revenue was mainly due to general weakness in the offshore industry and seasonal fluctuation due to monsoon in Asia. Net cash flow generated from operations was $9,553,000 against net cash flow used in operations of $5,204,000 a year ago. Purchase of property, plant and equipment was $13,000 against $3,729,000 a year ago.

EBITDA was $14,272,000 against $162,166,000 a year ago. EBIT was $1,830,000 against $151,942,000 a year ago. Negative return on equity was 0.6% against return on equity of 36.1% a year ago.

Weaker top line and gross profitability were due mainly to softer demand for the group's offshore support vessels, resulting from general weakness in the overall oil and gas industry. Net asset value as at November 30, 2015 was $1.21 per share. Net debt as at November 30, 2015 was $547.4 million.