TRIYARDS' 2Q FY16 Net Profit Up 4% YOY to $5.3M, Clinches $17.8M New Orders

Singapore's engineering and fabrication services provider TRIYARDS Holdings Limited (TRIYARDS or the Group) reported Thursday that the company has continued to expand its client base with $17.8 million in new orders whilst strengthening its foothold in the renewable energy sector.

The four newly inked contracts, three of which are with new customers, comprise three wind farm support vessels and a luxury river cruise vessel.

TRIYARDS’ Chief Executive Officer, Chan Eng Yew, said: “These contracts are the result of our conscientious efforts to diversify our client base and product offering. In addition, the wind farm vessel orders attest to our growing standing in the renewable energy market.

“We will continue to establish a greater foothold in this sector as well as seek opportunities in addition to those in a traditional market.”

Equipped with either the Quad Volvo IPS or Quad WaterJet propulsion engines, each wind farm vessel can cruise at a speed of at least 25 knots and carry up to 24 passengers. These aluminium craft will also be fitted with deck cranes with lifting capacities of up to 10 tons.

The 213 feet (65-meter) cruise vessel, on the other hand, will be built for Compagnie Fluviale du Mekong by CroisiEurope, an established European cruise operator, and will ply the Mekong River between Vietnam and Siem Reap, Cambodia. The vessel is designed with a rustic charm and will have 30 cabins with private balconies as well as a swimming pool on the sun deck. The ship’s facilities and amenities are primed to provide utmost passenger comfort.

TRIYARDS also reported its financial results for the three months ended Feb. 29, 2016 (2Q FY16). The Group’s net profit attributable to shareholders (PATMI) was $5.3 million on a 15 percent higher revenue of $70.5 million, largely supported by work done on four liftboats, two multi-purpose support vessels and three chemical tankers. Gross profit also rose 8 percent to $14.8 million. The construction of aluminium crew boats and wind farm vessels by subsidiary Strategic Marine Group also contributed to the results.

In line with its growing orderbook, which stands at $513 million as at Feb. 29, 2016, the Group’s net debt (total external indebtedness net of cash and cash equivalents) to equity ratio rose to 0.55 times from 0.31 times as at the end of FY15. Excluding project-related financing, TRIYARDS’ net debt to equity ratio is 0.04 times.

On TRIYARDS’ prospects, Chan commented: “We are confident that our versatile capabilities will enable us to stay resilient in this difficult operating environment. Our focus remains on delivering on our orderbook and executing on our successful diversification strategy.”

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