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Grand Banks Yachts' luxury-boat order book at six-year high

MORE demand for luxury boats from countries such as the United States has lifted Grand Banks Yachts' order book to its highest since March 2009, the company said in a Singapore Exchange (SGX) filing on Tuesday.

The mainboard-listed yacht builder said it had recently got five more boat orders, bringing its order book to S$31.6 million.

This boost came after it completed the acquisition of Australia-based Palm Beach Motor Yacht in August 2014. Palm Beach's founder, Mark Richards, is now chief executive of the enlarged Grand Banks Yachts.

Mr Richards told at a briefing at Raffles Marina in Tuas on Tuesday that the US accounted for about 75 per cent of the company's order book.

Its luxury boats typically cost around S$1 million to S$4 million each, he noted, adding that the five new orders were from customers in the US, Australia and New Zealand.

The company managed to leave SGX watchlist in October 2014. It posted a full-year net profit of S$1.03 million in August 2014, reversing a S$5.2 million loss in the preceding year.

Grand Banks Yachts shares have been quite thinly traded. The counter saw no activity on Tuesday, and last closed half a cent lower at S$0.225 on Monday.