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.

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