Triyard Holdings' Q4 net profit shrinks by a third to $12.9 million

Triyard Holdings has suffered a one-third drop in fourth quarter net profit to US$10.3 million (S$12.9 million) from US$15.2 million in the same period last year.

Revenue for the three months to Aug 31 fell by 7 per cent to US$76.7 million.

For the full year, net profit slumped by 29 per cent to US$31.4 million on the back of a 25 per cent drop in revenue to US$275.1 million.

During the year, the group's yards were kept busy with construction work for three new self-elevating (SEU), self-propelled service unit projects - one modified BH 335 SEU and two of Triyards' proprietary-design BH 450 SEUs - and contributions from their ongoing construction.

This partially offset lower revenue recognition from the Lewek Constellation, an ice-class multi-lay vessel with heavy-lift capabilities.

Earnings per share shrank to 11.71 US cents from 14.95 US cents previously while net asset value per share slipped by 14.31 US cents to 49.9 US cents.

Triyards continues to enjoy a healthy level of enquiries for its SEU fabrication and ship-repair services, which are expected to add to its net orderbook of US$217 million as at end-August.

A final dividend of two cents a share was proposed.