Triyards Secures More Work amid Lower Profit

Image Courtesy: Triyards

As part of its diversification strategy, Singapore-based Triyards Holdings Limited has secured USD 32.9 million in new contracts in April 2017, bringing the company’s order book value to USD 321 million.

The contracts include the fabrication of seven tugboats and one 16-metre aluminium crew transfer vessel from a Vietnamese vessel owner and operator. The vessels are slated for maritime services and will be delivered by Triyards’ Saigon Shipyard.

“These contracts deepen the group’s portfolio and boost the purpose-built vessel solutions we offer from our yards in Vietnam and Singapore. In addition, it affirms the success of Triyards’ diversification strategy and will contribute the earnings visibility for the group in fiscal year 2018. We remain committed to strengthening the resilience of our business to tide through these difficult industry conditions,” Chan Eng Yew, Chief Executive Officer of TRIYARDS, said.

In a separate announcement, the company said that its profit from operations dropped by 47% in the first half of the fiscal year 2017 to USD 7.9 million from USD 15 million seen in the same period a year earlier, mainly due to different mix of projects and competitive market environment.

Triyards’ second quarter profit was also down by 38% to USD 4.3 million from USD 6.9 million.

Additionally, the company reported a revenue of USD 161.8 million for first half of the year, representing an increase of 9% compared to USD 148.6 million reported in the previous year, on the back of contributions from new product offerings pursuant to the diversification strategy, and contribution from Strategic Marine Group for the construction of LNG powered aluminium catamarans ferries.

Revenue for the three months ended February 28, 2017 was maintained at USD 70.6 million.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >

TOC Europe

TOC (The Terminal Operations Conference) has long been considered best in class by container terminal operators and their suppliers…

read more >

Marine Philippines 2017

The 4th edition of PHILIPPINES MARINE 2017, SHIPBUILD PHILIPPINES 2017 and OFFSHORE PHILIPPINES 2017 is the only specialized Shipbuilding…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference.

With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and technology solution providers. Get in-depth and detailed market insights from experts who are taking the decisions, assess peer strategies and give shape to your own in this unrivalled gathering of shipping and marine fuel industry leaders.

Key Highlights for 2017:

* 3 Co-located Conferences

* 12+ Hours of Networking Time

* In-depth Review of Shipping Markets by Segment

* Ship Owner Positions on Emissions Compliance Scenarios

* Pricing Differentials and Availability across Different Fuels

* Technology and Analytics in Fuel Management and Emissions MRV

More info

read more >