Triyards posts 4% rise in Q2 profit, secures US$17.8m new contracts

NET profit for Triyards Holdings, Ezra Holdings' yard-operating subsidiary, grew 4 per cent to US$5.3 million in the second quarter, lifted by contributions from various vessels and industrial and offshore fabrication projects.

For each share, the group made earnings of 3.53 US cents.

Its revenue for the three months ended Feb 29, 2016, expanded 15 per cent to US$70.5 million. This was mainly due to contributions from four self-elevating units, two multi-purpose support vessels and three chemical tankers, and contribution from Strategic Marine Group for the construction of aluminium crew boats and wind-farm vessels, said Triyards. Some industrial and offshore fabrication projects added to the revenue as well.

Triyards said it has made a "conscientious effort" to diversify its clientele base and expand its product offering beyond oil and gas-related vessels in the past 12 months, to products such as chemical tankers, scientific research vessels and wind-farm crew transfer vessels.

"Notwithstanding the increase in competition and challenging industry environment, the group sees continued interest in its offerings," it said.

Separately, the group announced it has clinched US$17.8 million in new orders for three wind-farm support vessels and a luxury river-cruise vessel. Three of the four contracts are with new customers.