Triyards sinks deeper into the red with Q3 loss of US$63.3m

Singapore

THE impairment of assets, lower revenue contribution and cost overruns from certain projects have resulted in Triyards Holdings Limited sinking deeper into the red with a net loss of US$63.3 million in its third-quarter results, with challenging market conditions expected to drag into the 2018 fiscal year.

The firm, which provides engineering, fabrication and ship construction solutions for the global offshore and marine industry, recorded a net profit of US$4.1 million the year before. For its Q2 FY17 results, Triyards had recorded a net loss of US$6.25 million from a net profit of US$5.28 million a year ago. This was mainly due to an US$8.4 million allowance made for doubtful receivables from related entities of Ezra Holdings.