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Grand Banks Yachts reverses losses to post first profit in six years

By Grand Banks Yachts

SINGAPORE -- Grand Banks Yachts Limited ("Grand Banks" or "the Group") announced  its first full-year profit in six years, lifted by its strongest quarterly net profit performance for the April-to-June 2014 period since 2008, propelled by luxury boat sales in North America and growth in Asia.

The SGX-listed builder of two world-class luxury boat brands recorded 4Q 2014 net profit of $50.8 million - its third consecutive quarter of profit which reversed sharply a loss of $52.3 million a year ago. Revenue rose 12.0% to $13.2 million from $11.8 million over the comparative periods.

The improved performance in the last three quarters lifted the net profit for the whole of the financial year ended 30 June 2014 ("FY 2014") to $1.0 million compared to a loss of $5.2 million in FY 2013, a positive swing of $6.3 million. Revenue increased 14.5% to $40.3 million in FY 2014 from $35.3 million a year earlier as sales in North America - which account for 63.3% of global sales - entered a second year of recovery after the 2008-2009 global financial crisis which had led to a steep plunge in boat sales.

Asian buyers are also showing more interest, with the region accounting for 19.4% of FY 2014 sales.

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