The higher gross profit came despite the 2.8% y-o-y drop in revenue of $41.4 million for the 2HFY2022.
Grand Banks Yachts, the Mainboard-listed builder of the prestigious Grand Banks, Eastbay and Palm Beach boats, has reported earnings of $4.7 million for the 2HFY2022 ended June, nearly 20 times higher than the earnings of $244,000 in the same period the year before.
The earnings surge in the 2HFY2022 was due to a 61.0% y-o-y increase in gross profit to $12.5 million mainly due to the absence of trade-in boat sales. Accordingly, gross profit margin (GPM) increased to 30.1% in the 2HFY2022 from 18.2% in 2HFY2021.
