Triyards Q3 profit down 14%, bags US$175m in liftboat orders

Vessel from Triyards Group
Vessel from Triyards GroupPHOTO: TRIYARDS

SINGAPORE - Mainboard-listed Triyards Holdings said on Tuesday that net profit fell 14 per cent year-on-year to US$5.42 million (S$7.33 million) for the third quarter ended May 31, 2015, as administrative expenses swelled 91 per cent to US$8.12 million.

Revenue was up 16 per cent to US$63.91 million in Q3, against the same quarter last year, mainly from four liftboats that had progressed into advanced stages of construction.

Earnings per share for the nine months ended May 31, 2015, fell to 5.83 US cents from 7.24 US cents in the corresponding period a year earlier. No dividend was declared.

Separately on Tuesday, Triyards also announced that it had clinched orders worth US$175 million for two enhanced BH450 series liftboats.

Said Triyards CEO Mr Chan Eng Yew: "Our stepped up presence in large liftboats reflects the industry's endorsement of the Group's strong engineering and fabrication expertise. It also demonstrates increasing market acceptance and growing demand for liftboats.

In another separate announcement, Triyards disclosed the fulfilment of the exercise conditions on July 6, in relation to its issuance of 29.5 million warrants to Ezion Holdings.

Each warrant carries the right to subscribe for one fully-paid new ordinary share in Triyards, at the exercise price of 56.26 US cents.

The warrants expire at 5pm on July 6, 2018.