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Triyards reports stable full year earnings

Triyards reports stable full year earnings
Singapore-listed Triyards Holdings has reported stable earnings for its 2015 full year financial results amid difficulting operating conditions.

For its financial year ended 31 August 2015, the engineering and fabrication services firm posted a profit of $27.15m, inching up 2% from the gain of $26.67m in the previous financial year.

Full year revenue was stable at $270.11m due mainly to contributions from liftboat construction and certain industrial and offshore fabrication projects.

Triyards has two self-elevating units (SEUs) which had reached advanced stages of construction, and four other SEUs, contracts of which were awarded in financial year 2015, had made significant contributions.

“Thse four liftboats were secured earlier in FY15 and the new contract wins in the last 12 months have significantly added to our orderbook visibility despite the competitive and difficult operating conditions,” said Chan Eng Yew, ceo of Triyards.

Triyards’ latest $100m order includes three chemical tankers, two high speed crafts and an industrial fabrication contract.

“With a healthy balance sheet, coupled with our year to date achievement in $600m order wins provides us earnings visibility into FY17,” Chan said.