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Triyards Holdings suffers 45% drop in first quarter net profit

Published on Jan 9, 2013 9:14 PM

Triyard Holdings has posted a 45 per cent drop in first quarter net profit to US$6.5 million (S$7.9 million).

Revenue for the three months ended Nov 30 was up 5 per cent at US$53.3 million.

The results were driven mainly by revenue recognised from the construction of three offshore support vessels that were in their final stages of completion.

Triyards chief executive officer Wong Bheet Huan said that as a shipbuilder, the group's earnings are driven by project portfolio mix as well as the progress of construction milestones.

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