Grand Banks Yachts slips into the red in Q4

Grand Banks Yachts has posted S$2.44 million net loss for the fourth quarter ended June 30, contrasting with S$801,000 net profit in the same year-ago period. Revenue increased 3.5 per cent to S$13.68 million.

Full year, the group posted a S$4.80 million net loss, against a net profit of S$1.03 million in the previous year. Revenue fell 2.9 per cent to S$39.19 million.

Grand Banks Yachts said its reorganisation efforts impacted performance for Q4 FY2015 as well as the entire financial year. On a more positive note, it added that the order book for FY2015 increased to a six-year high of S$36.5 million, boosted by five new orders in Q4 FY2015 for its two boat brands in the US and Australia markets. "Most of the net order book is expected to contribute to FY2016 revenue," the company said over the weekend.

It added that the new orders and the increase in 4Q FY2015 revenue took place against a backdrop of strategic initiatives undertaken following the completion of the acquisition of Palm Beach Motor Yacht Co on Aug 1, 2014.

Grand Banks Yachts reported loss per share of 1.32 cents for Q4 FY2015, against earnings per share of 0.46 cent in the same year-ago period. Its full-year loss per share amounted to 2.62 cents, in contrast to EPS of 0.66 cent in the previous year.

The group expects its financial performance to improve significantly in FY2016. "Going forward, the group will develop new boat designs, extend its marketing efforts and improve group-wide internal efficiencies with a view to enhancing shareholder value," it added.