Small but crucial Q3 profit for Grand Banks

SINGAPORE-BASED yacht manufacturer Grand Banks Yachts has taken a significant step towards being removed from the watch-list of Singapore Exchange (SGX).

The group announced its second consecutive quarterly net profit of $0.54 million for its third quarter ended March 2014; with a loss recorded in its first quarter and a small profit in the second, profit for the nine months ended March 31 was $0.2 million, reversing the net loss of $2.9 million in the corresponding period last year.

Grand Banks, on SGX's watch-list since December 2011, had been told that it had to have $40 million in market capitalisation and chalk up pre-tax profits within two years - or be delisted.