Triyards Holdings' second quarter net profit rises 157%

Triyards Holdings reported a 157 per cent increase in second quarter net profit to US$7.1 million (S$8.8 million), as it started construction of two self elevating units and completed additional customisation work on an offshore support vessel.

Turnover rose 23 per cent to US$79.4 million, for the three months ended Feb 28.

For the half year, the company's revenue rose 15 per cent to US$132.7 million, although profit fell 6 per cent to US$13.6 million.

Earnings per share were 5.63 US cents for the six months, down from six US cents a year ago. Net asset value per share was 43.85 US cents at Feb 28, from 35.59 US cents at Aug 31 last year.

Triyards fabricates offshore vessels for the oil and gas industry. It is a unit of Ezra Holdings.