Triyards reports improved Q1 results

The offshore vessel fabrication and engineering solutions provider reported a net profit of $7.31m in the first quarter of its financial year 2014, an increase of 13% year-on-year.

Revenue also jumped 69% year-on-year to $90.09m during the quarter. Triyards attributed the increase in revenue to contributions from three SEUs which are in advanced stages of construction.

Wong Bheet Huan, ceo of Triyards, pointed out that ship repair is another new income stream that the company has been nurturing since April 2013.

“We are confident of leveraging our capabilities and reputation to develop new income streams and product lines as well as add new clients and markets,” Wong said.

The company recently added two passenger cruise ship contracts under its belt. One is a repair contract and the other is to provide hull construction and outfitting services.

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