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Grand Banks Yachts posts first full-year profit in six years

Published on Aug 27, 2014 9:25 PM
 
Building yachts to order at Grand Banks Yachts. Stronger demand for luxury boats in North America and Asia helped Singapore-listed yacht maker Grand Banks Yachts post its first full-year profit in six years. -- PHOTO: ST FILE

SINGAPORE - Stronger demand for luxury boats in North America and Asia helped Singapore-listed yacht maker Grand Banks Yachts post its first full-year profit in six years.

The builder of two luxury boat brands recorded net profit of $800,000 for the fourth quarter - its third consecutive quarter of profit. This was a reversal from a $2.3 million net loss in the same period last year.

Revenue for the fourth quarter came in 12 per cent higher at $13.2 million from $11.8 million last year.

The company's improved performance in the last three quarters lifted net profit for the full year ended June 30 to $1 million, from a loss of $5.2 million in the previous financial year.

 
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