SINGAPORE: Triyards Holdings announced on Friday (July 8) a 24 per cent fall in its net profit to US$4.12 million for the third quarter ended May 31 from US$5.4 million a year ago.
The offshore vessel fabrication and engineering solutions unit of Ezra Holdings said revenue increased 28 per cent to US$82.1 million in the quarter but this was outweighed by cost of sales swelling 37 per cent to US$68.2 million.
This saw gross profit dip 2 per cent to US$13.9 million.
Looking ahead, Triyards said it expects market conditions for the oil and gas industry “to remain extremely challenging” for the next 12 months, despite a moderate rebound in the oil price since the beginning of this year.
“However, over the past 12-18 months, the group has successfully diversified its clientele base and expanded its product offerings beyond O&G-related assets,” said Triyards. “This resulted in new product lines being added to its orderbook, such as the chemical tanker, scientific research vessel, windfarm crew transfer vessel and LNG-powered aluminium catamaran.”
