Triyard Holdings has posted a 45 per cent drop in first quarter net profit to US$6.5 million (S$7.9 million).

Revenue for the three months ended Nov 30 was up 5 per cent at US$53.3 million.

The results were driven mainly by revenue recognised from the construction of three offshore support vessels that were in their final stages of completion.

Triyards chief executive officer Wong Bheet Huan said that as a shipbuilder, the group's earnings are driven by project portfolio mix as well as the progress of construction milestones.

"We are also encouraged by the turnaround in our net cashflow from operating activities for the first quarter, this being in line with the strategic goals for the group that we have set for the new year," he noted.

Triyards also announced a US$60 million contract from a new client in Southeast Asia to build a specialised vessel.

Earnings per share slipped to 3.44 US cents from 6.22 US cents previously while net asset value per share grew to 41.44 US cents compared to 35.59 US cents as of Aug 31.

The company is cautiously optimistic that the outlook on the oil and gas industries will be positive in the next 12 months.