Grand Banks breaks loss spell; eyes exit from watch-list

TROUBLED luxury boat maker Grand Banks Yachts has turned around from its five-year loss streak, reporting yesterday a full-year net profit of S$1.03 million, against the preceding financial year's S$5.2 million deficit. It also plans to seek exit from the Singapore Exchange watch-list.

The earnings for the 12 months ended June 30 came on the back of a 14.5 per cent increase in revenue to S$40.3 million, its highest in five years.

The fourth-quarter contributed a net profit of S$801,000, with revenue climbing 12 per cent to S$13.2 million. In the year-ago corresponding quarter, it had a net loss of S$2.3 million.