Triyards 1Q Profit Fall on Higher Expenses, Changes in Project Slate

Triyards Holdings, the fabrication yard that Ezra Holdings spun off for a Singapore Exchange mainboard listing in October last year, reported late Wednesday a first quarter net profit – ended Nov. 30, 2012 – of $6.5 million, down 45 percent year-on-year (yoy).

Although the company's revenue was up five percent to $53.3 million from a year earlier, its profit from operations saw a sharp 30 percent decline to $8 million.

Triyards said in its earnings statement that increases in administrative expenses, mainly relating to listing expenses and increase in personnel expenses as a result of a restructuring exercise, ate into profits. In addition, the company experienced lower gross profit due to a change in composition of projects undertaken during the current financial year.

Triyards also disclosed the group's plans to broaden its revenue base moving into 2013.

Alongside with its core business – which is focused on the construction of self-elevating units, Triyards plans to expand into the construction of high-speed aluminum vessels and offshore product equipment.

In addition, the company is also on the look-out for acquisition opportunities across Asia Pacific.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Regional Manager - Saybolt
Expertise: Business Development|Operations Management|Surveying
Location: Linden, NJ
Business Development Representative - Saybolt
Expertise: Business Development|Sales
Location: New Orleans, LA
Senior Project Controls Specialist
Expertise: Estimating|Planner / Scheduler|Project Controls
Location: Alpharetta, GA
search for more jobs

Brent Crude Oil : $56.58/BBL 1.32%
Light Crude Oil : $54.45/BBL 1.60%
Natural Gas : $2.62/MMBtu 1.15%
Updated in last 24 hours