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Triyards Earns More. Increases Orderbook

by April 7, 2016 General
Image Courtesy: Triyards

Singapore-based Triyards Holdings Limited has seen its net profit increase by 10% to USD 5.3 million for the second quarter ended February 29, 2016, compared to the USD 4.9 million recorded in same period a year earlier.

For the six-month period, the company saw a decrease of 9% in its net profit, which fell from USD 12.9 million recorded at the end of February 2015 to USD 11.8 million in the corresponding period of 2016.

Triyards experienced a 15% higher revenue of USD 70.5 million in the second quarter of 2016, which was mainly attributed to work done on four liftboats, two multi-purpose support vessels and three chemical tankers, as well as the construction of aluminium crew boats and wind farm vessels by the company’s subsidiary Strategic Marine Group.

“We are confident that our versatile capabilities will enable us to stay resilient in this difficult operating environment. Our focus remains on delivering on our orderbook and executing on our successful diversification strategy,” Triyards’ Chief Executive Officer, Chan Eng Yew, said.

Separately, the company said that it clinched USD 17.8 million worth of new orders, thereby strengthening its foothold in the renewable energy sector. Out of the four new vessel deals, three are wind farm support vessels, while the fourth vessel will be built for the river cruise industry.

Equipped with either the Quad Volvo IPS or Quad WaterJet propulsion engines, each wind farm vessel will be able to reach a speed of at least 25 knots and carry up to 24 passengers. These aluminium craft will also be fitted with deck cranes with lifting capacities of up to 10 tonnes.

The 65-metre cruise vessel, which will be built for the European cruise operator Compagnie Fluviale du Mekong by CroisiEurope, will be deployed on the Mekong River between Vietnam and Siem Reap, Cambodia.