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.
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