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Triyards Holdings Q4 net profit down 49% to US$5.3m

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OFFSHORE engineering group Triyards Holdings Ltd registered a 49 per cent drop in net profit to US$5.3 million for the period ended Aug 31, while revenue fell 36 per cent to US$48.8 million - PHOTO: TRIYARDS HOLDINGS

OFFSHORE engineering group Triyards Holdings Ltd registered a 49 per cent drop in net profit to US$5.3 million for the period ended Aug 31, while revenue fell 36 per cent to US$48.8 million.

Full-year net profit declined 15 per cent to US$26.7 million, and revenue slipped 2 per cent to US$268.6 million.

Triyards said the slip in revenue was due to lower revenue recognised from two self-elevating units (SEUs) of BH450 series. Both units were at the peak of the construction progress in FY2013, which resulted in recognition of higher revenue then.

Earnings per share stood at 9.04 US cents for FY2014, down from 11.71 US cents a year earlier.

The group declared a cash dividend of 1 Singapore cent per ordinary share.

Triyards' chief executive officer Chan Eng Yew said of the group's outlook: "Our future earnings will be enhanced by our newly-acquired aluminium shipbuilding and fabrication capabilities and the rising momentum of our liftboat contract wins. We have set our sights on being one of the few Asian players able to construct hybrid steel and aluminium vessels and complex structures."