Grand Banks Yachts swings back to full-year profitability

SINGAPORE (Aug 30): Grand Banks Yachts, the luxury yacht designer and builder, reported earnings of $2 million for the FY16 ended June, reversing from its net loss of $4.8 million in the preceding year.

Full-year revenue rose 49.7% to $58.7 million as the group sold eight inventory yachts and received orders for all of its new models – Grand Banks 60, Eastbay 44 and 52, and Palm Beach 42. The group had also ramped up the manufacturing at its Pasir Gudang facility and more yachts achieved construction milestones.

Gross margins improved by 7.5 percentage points to 17.4% after Grand Banks adopted a factory direct sales model and improved its manufacturing processes for better efficiency.

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