Administrative expenses sent earnings down at offshore and marine engineering group Triyards Holdings in the third quarter.

Net profit was US$5.42 million (S$7.29 million) for the three months to May 31, down 14 per cent from the same period last year.

Administrative expenses rose 91 per cent from a year earlier to US$8.12 million.

Triyards said the increase came from "additions" from Strategic Marine (V) Company, which it acquired last October, and marketing-related expenses.

Revenue for the quarter increased 16 per cent to US$63.91 million, mainly from progress on construction contracts and partly from contributions from Strategic Marine group.

Earnings for the nine months were US$18.75 million, down 12 per cent, while revenue fell 17 per cent to US$181.71 million.

Triyards said the main reason for the decline was that certain projects which contributed significantly to revenue last year were mostly absent this year.

Earnings per share for the nine months fell from 7.24 US cents as at May 31 last year to 5.83 US cents while net asset value was 61.89 US cents as at May 31, up from 57.37 US cents as at Aug 31 last year.

No dividend was declared.

Triyards said in a statement that the continued weakness in oil prices could reduce or delay oil and gas capital expenditures. It, however, noted that its business also included inspecting and maintaining offshore installations and other aspects of the production process.

"Therefore the group believes that there will be continued demand for its offering, notwithstanding (the) competitive and challenging environment which the group anticipates in next 12 months."

The company also announced yesterday it had secured orders worth US$175 million for two liftboats. Triyards shares closed half a cent up at 40.5 cents yesterday.