SGX-listed Triyards Holdings' first quarter net profit rises 13%

TRIYARDS Holdings, an offshore vessel fabrication firm, posted healthier earnings for the first quarter on Thursday, on the back of higher contributions from its vessels.

Earnings for the three months to Nov 30 came in at US$7.3 million, climbing 13 per cent from US$6.5 million the same period a year ago.

Revenue for the quarter soared to US$90.1 million, up 69 per cent from US$53.3 million a year ago.

Triyards said the increase was thanks to higher contributions from its subsea construction vessel Lewek Constellation. The firm also explained that its self-elevating units (SEUs) were in the advanced stage of completion, generating a higher revenue in the first quarter. SEUs are mobile units which can operate in water depths of almost 110 metres.

Earnings per share were 2.48 US cents for the three months ended Nov 30, down from 3.44 US cents a year ago.

Net asset value per share was 52.38 US cents at Nov 30, from 49.90 US cents at Aug 31.

Triyards' shares closed unchanged at 68 cents on Thursday.

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