Triyards Q1 net slumps 66% on lower gross margin

Singapore

FIRST quarter net profit of mainboard-listed Triyards slumped 66 per cent to US$2.07 million as its gross margin from projects fell under a competitive market environment. Earnings per share was 0.64 US cents compared to 1.9 US cents a year ago.

The yard operating arm of Ezra Holdings saw its gross profit for the quarter ended Nov 30, 2016 slipped 28 per cent to US$10.5 million despite posting a 17 per cent increase in revenue to US$91.2 million. Also contributing to the lower gross margin was the varying mix of projects on its order book.