SINGAPORE (July 11): UOB is maintaining its “hold” call for Triyards Holdings, with a target price of 44 cents but has revised downwards the company’s overall FY16-18 earnings by 21-36%, according to a report dated Monday.

This comes as Triyards announced lower-than-expected earnings in 3QFY16. Net profit was US$4.1 million ($5.5 million); down 24% y-o-y on a 5% decline in gross profit margin, attributed to one-off tendering costs in new markets such as Europe and Taiwan, and lower margins from its non-liftboat projects.

(See: Triyards posts 24% fall in 3Q earnings to US$4.1 mil)

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