TRIYARDS' 3Q 2016 Net Profit Declines 24% YOY to $4.12M
TRIYARDS Holdings Ltd., a Singapore engineering and fabrication services provider, posted a net profit of $4.12 million for the third quarter of financial year 2016 (3Q 2016) ending May 31, down 24 percent from $5.42 million in the previous year, according to financial results released by the company Thursday.
Company turnover grew 28 percent in 3Q 2016 to $82.08 million, up from $63.91 million last year, with the gains attributed largely to contributions from four self-elevating units, two mutli-purpose support vessels, three chemical tankers and four escort tugs; contributions from Strategic Marine Group for the construction of aluminium crew boats and wind farm vessels; and certain industrial and offshore fabrication projects.
“This set of results reflects the success of our diversification strategy from both a product as well as counterparty perspective. Backed by our proven engineering and fabrication capabilities, we have expanded into the chemical tanker and scientific research vessel markets, and won 10 new clients in the last 12 months. We will continue to focus on executing our orderbook to deliver our projects on time and within budget,” TRIYARDS’ CEO Chan Eng Yew, said in the press release.
During the third quarter, the company also commenced work on its very first scientific research vessel, two oil barges and two Liquefied Natural Gas (LNG)-powered aluminium catamarans for new clients Taiwan Ocean Research Institute, CPC Corp. and Rederij Doeksen, respectively.
“Despite the moderate rebound in the oil price since the start of 2016, we expect the industry to remain challenged for the next 12 months. We continue to focus on our product and client diversification strategy and respond to a healthy level of enquiries on our wide product range,” Chan added.
WHAT DO YOU THINK?
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.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- Analyst Says USA Influence on Middle East Seems to be Fading
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally