Grand Banks Yachts registers lower loss, proposes 1-for-2 rights issue

Grand Banks Yachts has narrowed its full year net loss to $5.2 million from $11.2 million previously.

The yacht maker posted a 7.6 per cent rise in revenue to $35.3 million for the year ended June 30.

This was attributed to the introduction of new models, the recovery of the US market as well as growing appetite in Asia Pacific for yachts.

Loss per share improved to 4.7 cents from 11.67 cents previously while net asset value per share shrank by 6.44 cents to 33.17 cents.

To repair its balance sheet, Grand Banks has proposed a one-for-two rights issue to raise $12.4 million from shareholders.

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