Triyards Q4 net profit down 73% to US$2.2m

TRIYARDS Holdings on Friday morning posted a 73 per cent fall in net profit attributable to owners of the company to US$2.23 million for the three months ended Aug 31 (Q4 2016), due mainly to lower gross profit margins resulting from different mix of projects.

Revenue for the provider of integrated full-service engineering, fabrication and ship construction solutions to global offshore and marine industries grew 7 per cent year-on-year to US$94.2 million. This was driven by contributions across all product and geographical segments.

For the full financial year ended Aug 31 (FY 2016), revenue grew 20 per cent to US$324. 89 million while net profit slipped 34 per cent to US$17.79 million from a year ago.

Earnings per share for FY 2016 fell from 8.43 US cents to 5.48 US cents.

No dividend has been declared by the company.

Triyards said: "Despite a moderate rebound in oil price since the beginning of 2016, the group expects market conditions for the oil and gas industry to remain extremely challenging for the next 12 months and anticipate continued margin pressure."

The group added that it is seeing continued interest in its offerings with its diversification strategy, through which it has expanded beyond oil and gas-related assets to add new product lines such as the chemical tanker, scientific research vessel, windfarm crew transfer vessel and LNG powered aluminium catamaran.