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Triyards Holdings in the red with US$63.3m loss in Q3 earnings
TRIYARDS Holdings Limited has sunk into the red with a net loss of US$63.3 million in its third-quarter results, primarily due to impairment of assets, lower revenue contribution and cost overruns from certain projects.
The firm, which provides engineering, fabrication and ship construction solutions for the global offshore and marine industry, recorded a loss per share of 20.79 US cents for the nine months ended May 31, 2017. Year-on-year, earnings per share was 4.79 US cents.
For the three months ended May 31, 2017, Triyards' revenue stood at US$30.9 million, a 62 per cent decrease from a year ago. This comes on the back of lower contributions from Strategic Marine Group for the construction of aluminium vessel projects and significantly lower contributions due to the completed deliveries of five self-elevating units over the past 12 months.
The decreases were partially offset by contributions from two multi-purpose support vessels, three chemical tankers, four escort tugs, one scientific research vessel, two oil tankers and one floating dock during the financial period under review.
Triyards said that "prolonged weakness in the marine, shipping, oil and gas industries and extremely competitive market environment" led to lower gross profit margins and provision for impairment of assets resulted in losses for the third quarter.
Triyards last traded at S$0.16 on Thursday.