Triyards profit up 4% in Q2, books US$17.8m in new orders

SINGAPORE - Triyards Holdings, the offshore vessel fabrication and engineering solutions unit of Ezra, has posted a net profit of US$5.28 million for its fiscal second quarter, up 4 per cent from the same period a year ago.

Revenue in the three months ended Feb 29 was up 15 per cent to US$70.49 million, thanks to work done on four units of self-elevating platforms, two units of multi-purpose support vessels, three units of chemical tankers, the construction of aluminium crew boats and wind farm vessels, Triyards said in a filing on Thursday (April 7).

Earnings per share stood at 3.53 US cents for the six months ended Feb 29, down from 4.16 US cents in the same period a year ago.

Meanwhile, Triyards said that it has continued to expand its client base with US$17.8 million (S$23.96 million) in new orders.

The four newly inked contracts, three of which are with new customers, comprise three wind farm support vessels and a luxury river cruise vessel.

This strengthens Triyards' foothold in the renewable energy sector, the firm said.

The orderbook stood at US$513 million as at Feb 29. In line with this, Triyards' net debt to equity ratio rose to 0.55 times from 0.31 times as at the end of February last year. Excluding project-related financing, Triyards' net debt to equity ratio is 0.04 times.