OFFSHORE engineering and fabrication firm Triyards Holdings' net profit slipped 14 per cent year-on-year to US$5.42 million for the third quarter ended May 31, 2015, as administrative expenses ballooned 91 per cent to US$8.12 million.
Revenue was up 16 per cent to US$63.91 million in Q3, against the same quarter last year. This was mainly from four liftboats that had progressed into advanced stages of construction.
Earnings per share for the nine months ended May 31, 2015, fell to 5.83 US cents from 7.24 US cents in the corresponding period a year earlier. No dividend was declared.
In a separate announcement on Tuesday, Triyards also announced its latest order wins of US$175 million for two enhanced BH450 series liftboats.
In yet another announcement, Triyards announced the fulfilment of the exercise conditions on July 6, in relation to its issuance of 29.5 million warrants to Ezion Holdings. Each warrant carries the right to subscribe for one fully-paid new ordinary share in Triyards, at the exercise price of 56.26 US cents.
The warrants shall expire at 5pm on July 6, 2018.