Grand Banks Yachts swings into the black in Q1
GRAND Banks Yachts managed to swing to a net profit of S$1.2 million in the first quarter ended Sept 30, from a net loss of S$1.3 million in the year-ago period.
Following restructuring efforts after a major acquisition, gross profit margin jumped to 24.5 per cent from 9.5 per cent over the comparative periods, Grand Banks said on Tuesday.
The builder of the Grand Banks brand of luxury yachts said net profit rose after introducing initiatives to integrate design, production and marketing following the acquisition of Palm Beach Motor Yacht Co Pty Ltd of Australia, which was completed on Aug 1, 2014.
Revenue during the first quarter more than doubled to S$14 million from S$6.5 million a year ago, on the back of progressive recognition of orders, which included revenue contribution from the first two Palm Beach yachts being built in Malaysia.
"The latest quarter reflects initiatives undertaken in the past 12 months which will assist us in enhancing shareholder value, moving forward," said Grand Banks chairman Heine Askaer-Jensen.
Barring any unforeseen circumstances, the board of directors expects the group's fiscal 2016 performance to improve significantly compared with fiscal 2015.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results