Liftboat construction drives up Triyards' Q4 profit

TRIYARDS, the fabrication arm of offshore group Ezra Holdings, recorded a surge in fourth-quarter earnings that it said was mainly due to four liftboats which have reached advanced stages of construction.

Net profit jumped 59 per cent to US$8.41 million for the three months to Aug 31, while revenue surged 81 per cent to US$88.4 million, it said in a Singapore Exchange filing on Tuesday.

"These four liftboats were secured earlier in FY15 and the new contract wins in the last 12 months have significantly added to our orderbook visibility despite the competitive and difficult operating conditions," said Triyards chief executive officer Chan Eng Yew in a statement.

For the full year, net profit inched up 2 per cent to US$27.15 million and revenue increased a marginal one per cent to US$270.11 million from the previous year.

However, earnings per share (EPS) for the full year dipped to 8.43 US cents, from 9.04 US cent the previous year. Triyards did not disclose Q4 EPS.

Net asset value per share went up to 64.32 US cents as at Aug 31 this year, from 57.37 US cents as at Aug 31 last year.