Grand Banks Yachts posts first quarterly profit since 2009 with Q2 gain of $269,000

Singapore-listed yacht maker Grand Banks Yachts has logged its first quarterly profit since 2009, with earnings of $269,000 in its second quarter ended Dec 31 last year.

A pick-up in the United States luxury boat market and efforts to improve the company's sales and efficiency helped it reverse a loss of $777,000 in the same quarter a year ago, the company said on Saturday.

Revenue rose 42 per cent in the quarter to $9.5 million and operating costs slid to their lowest level in four and a half years.

The company's earnings per share stood at 0.17 cent in the quarter from a loss of 0.66 cent a year ago.

Net asset value per share eased to 28.57 cents as at Dec 31 last year, from 33.17 cents as at June 30 last year.

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