Triyards reports $7.8m second quarter profit

Revenue was $74m over the period, down from $90.1m in the first quarter of the 2014 financial year, but the company’s gross profit margin increased to 18% from 15% previously.

This increase in profitability was attributed to an increase in profit margins for ship repair, with two new contract wins including drydocking and thruster maintenance on a DP2 Anchor Handling Tug Supply vessel (AHTS), as well as hydraulic cleaning and maintenance and stern roller seal replacement on a second DP2 AHTS.

“Triyards will continue to look at other emerging opportunities,” said ceo Chan Eng Yew. “We are delighted that we are gaining ground in ship repair, as we are able to leverage our longstanding reputation for strong technical capabilities and timely deliveries to expand into other lucrative businesses in the marine industry and diversify our income streams.”