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.
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