SINGAPORE (May 11): Grand Banks Yachts sank to a net loss of $1.1 million in the third quarter ended March, compared to earnings of $375,000 in the corresponding quarter last year.
Revenue fell 23.6% to $13.2 million, from $17.3 million a year ago.
This was mainly due to a boat swap resulting in a reversal of revenues to reflect the different stages of the two boats.
In addition, the group put in extensive additional hours at the Malaysian yard to build its first Grand Banks 60 luxury yacht, which will make its debut at a trade show in Australia later this month.
Cash and cash equivalents stood at $10.6 million as at March 31, 2017.
“Our latest results do not reflect the group’s underlying fundamentals,” says Grand Banks CEO Mark Richards.
“Over the past three years, we have made significant progress, which is reflected in our current order book. We will remain focused on enhancing our value proposition to position us for stronger performance going forward,” he adds.
Grand Banks’ order book stood at $41.1 million as at March 31, 2017.
Shares of Grand Banks Yachts closed half a cent lower at 29 cents on Thursday.
