Singapore's TRIYARDS Posts 1Q 2016 Net Profit of $6.2M, Down 25% YOY

Singapore-listed engineering and fabrication services provider TRIYARDS Holdings Limited (TRIYARDS or the Group) reported Friday that focused efforts to expand and diversify its orderbook have paid off, allowing it to boost both revenue and net operating profit after tax before other income (NOPAT) for the three months ended Nov. 30, 2015 (1QFY16).

The Group was able to raise revenue by 38 percent to $78.1 million for the quarter, which led to a 52 percent jump in NOPAT to $6.1 million. The improved turnover was driven largely by projects, which were secured during FY15 – four liftboats and two multi-purpose support vessels (MPSVs) – that have progressed into advanced stages of construction. Despite this, effective cost control measures helped maintain administrative expenses at around $6.6 million.

Net attributable profit (PATMI) for 1QFY16 came in slightly lower at $6.2 million, as the $8.2 million posted in the previous corresponding quarter was elevated by a one-off gain of $3.9 million arising from provisional negative goodwill recognized on the acquisition of Strategic Marine as announced in October 2014.

TRIYARDS’ Chief Executive Officer, Chan Eng Yew, said: “Our ability to achieve this set of results amid a challenging operating environment is backed by our success in expanding and diversifying our orderbook.

“Our recent wins from new clients such as ABC Maritime, Taiwan Ocean Research Institute and CPC Corporation, as well as new contracts from repeated clients in the past year, has demonstrate their trust and confidence in our capabilities and the industry’s healthy demand for our products and services. We will continue to focus on executing projects-on-hand and managing our capital requirements prudently.”

Looking ahead, Chan noted: “Building upon TRIYARDS’ ability to service the full value chain – fabricating assets that span the entire spectrum from construction, production and decommissioning to inspection and maintenance – we are working hard to establish other recurrent income streams as we achieve greater inroads for our TRIYARDS-manufactured turrets and cranes.”

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