Net profit for its full year ended 31 August 2016 was recorded at $17.79m, down 34% from $27.15m in the previous corresponding period.
Revenue, however, rose by 20% year-on-year to $324.89m driven by contributions across all products and geographical segments.
Chan Eng Yew, ceo of Triyards, commented that “while oil prices have recovered slightly since the beginning of this year, we are keenly aware that customers remain cautious.”
The group expects market conditions to remain extremely challenging for the next 12 months and anticipates continued margin pressure.
“The group continues to build on our product range and client base, focusing on within-budget and on-time execution of quality and high performance vessels. This strategy has allowed us to grow our revenues despite the challenging market conditions,” Chan said.
Meanwhile, Triyards announced it has been awarded a contract for its facility, Saigon Offshore Fabrication and Engineering Limited, to build a floating dock for a client in the Middle East.
The group also revealed it has secured new fabrication and service vessel contracts totalling $27.55m, bringing its orderbook to $422m to-date.
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