Grand Banks Yachts Q2 profit down 78% from absence of year-ago gains

GRAND Banks Yachts on Tuesday said that net profit for its fiscal second quarter plunged 78.4 per cent, in the absence of gains from the recovery of doubtful debts in the year-ago quarter.

Net profit for the three months ended Dec 31, 2014 stood at S$58,000, compared to S$269,000 a year ago.

It recorded an expense of S$159,000 in the "other operating income" category, compared to an income contribution of S$63,000 a year ago.

"Other operating income/expenses declined significantly due to the recovery of doubtful debts in Q2 FY 2014."

Revenue rose 33.6 per cent to S$12.7 million due to the sale of two inventory yachts.