Triyards reports lower Q3 profit on higher revenue

Profit for the three months ended 31 May 2016 was recorded at $4.12m, a decrease of 24% from $5.42m seen in the previous corresponding period.

Revenue, on the other hand, increased by 28% year-on-year to $82.08m due mainly to higher contributions from four self-elevating units, two multi-purpose support vessels, three chemical tankers, and four escort tugs, as well as certain industrial and offshore fabrication projects.

The revenue was also lifted by contributions from Strategic Marine Group for the construction of aluminium crew boats and wind farm vessels.

“This set of results reflects the success of our diversification strategy from both a product as well as counterparty perspective,” said Chan Eng Yew, ceo of Triyards.

“Backed by our proven engineering and fabrication capabilities, we have expanded into the chemical tanker and scientific research vessel markets, and won 10 new clients in the last 12 months,” Chan added.

In the third quarter, Triyards commenced work on its first scientific research vessel, two oil barges and two LNG-powered aluminium catamarans for new clients Taiwan Ocean Research Institute, CPC Corporation and Rederij Doeksen respectively.

“Despite the moderate rebound in the oil price since the start of 2016, we expect the industry to remain challenged for the next 12 months,” Chan said.