Triyards Q4 profit jumps 59% to US$8.4m secures US$100m of new contracts

SINGAPORE- Net profit and revenue for the three months to Aug 31 rose at mainboard listed offshore and marine engineering group Triyards Holdings , due to revenue generated from liftboat construction .

Net profit for the three months rose 59 per cent to US$8.4 milion, relative to the corresponding period last year, while revenue for the three months rose 81 per cent to US$88.4 million .

Net profit for the full year was up 2 per cent to US$27.2 million on the back of a 1 per cent to increase in revenue to US$270.1 million.

Revenue for the fourth quarter was boosted by income recognised from the construction of four liftboats and by revenue contributed by its unit SM Group , Triyards said.

Earnings per share for the 12 months was 8.43 US cents , down from 9.04 US cents last year .

Net asset value per ordinary share was 64.32 US cents at Aug 31 2015 , up from 57.37 US cents at Aug 31 2014 .

Triyards declared a 1.0 cent per ordinary share dividend .

Triyards said in a statement that there would likely be continued demand for its services , in spite of weakened oil prices , which have "caused companies to reduce oil and gas capital expenditure especially for exploration activities ".

It said this was because its primary business focused on "full value chain - fabricating assets which are involved in construction, production and decommissioning, to inspection and maintenance of offshore infrastructure servicing the existing offshore fields" , and that liftboats would still be required for these activities .

Triyards also announced it had secured US$100 million of contracts . Based on the agreements, it will build three chemical tankers , two high speed craft and fabricate industrial parts .

jkoh@sph.com.sg