SINGAPORE (May 14): Grand Banks Yachts reversed out of the red with a nine-year-high net profit of $1.9 million for the 3Q ended March, compared to a net loss of $1.1 million a year ago.
3Q18 revenue surged 80.7% to $23.8 million, from $13.2 million a year ago.
This was mainly due to increased revenue recognition from sales of two stock boats and a trade-in boat during the quarter, as well as yachts reaching construction milestones following streamlined operations and new automation at its Pasir Gudang yard.
As at end March, cash and cash equivalents stood at $11.2 million.
“Our commendable results affirm the hard work we have put in over the years and underscore our reputation as a renowned brand that appeals to yachtsmen worldwide. We are confident that the new models slated for launch over the next 12 months will contribute positively to our growing order book,” says Mark Richards, CEO of Grand Banks.
Going forward, the group says it will accelerate its growth by drawing on its enhanced production capabilities and strong demand for its yachts.
In view of its 3Q18 performance, the group expects 2H18 net operating profit to exceed that of 1H18.
Shares of Grand Banks closed 1 cent higher at 31 cents on Friday.
