Triyards sinks into the red with Q2 net loss of US$6.25m

Singapore

TRIYARDS Holdings, the listed subsidiary of beleaguered offshore and marine firm Ezra Holdings, announced on Friday a net loss of US$6.25 million for the second quarter ended Feb 28. This compared to a net profit of US$5.28 million a year ago.

This is mostly due to an US$8.4 million allowance made for doubtful receivables from related entities of Ezra Holdings which either face a potential going concern issue or have filed for Chapter 11 of the US Bankruptcy Code. Revenue went up marginally to US$70.64 million from US$70.49 million year-on-year. Loss per share for the six months ended Feb 28 was 1.29 US cents, compared to earnings per share of 3.53 US cents a year before. No dividend was declared for the quarter.