Grand Banks back in the black with $269,000 Q2 profit

GRAND Bank Yachts has posted group net profit of $269,000 for the second quarter ended Dec 31, 2013, a reversal of a $777,000 net loss it posted for the same year-ago period - reflecting a swing of about $1.05 million.

This is the group's first quarterly profit since 2009, the group said in a statement. Grand Banks attributed the improvement to a combination of efforts to improve sales and efficiency as well as the recovery in the US luxury boat market.