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Grand Banks Yachts forecasts loss for 1Q - Trade Only Today

Grand Banks Yachts forecasts loss for 1Q

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Grand Banks Yachts this week warned investors that it will record a loss for the quarter that ended Sept. 30.

Last month the company received in-principle approval from the Singapore Exchange to be removed from a watch list of companies that are struggling financially.

The approval came after the boatbuilder recorded a full-year net profit of $1.03 million in August, after a full-year loss of $5.2 million the previous year.

However, Grand Banks told the Singapore Exchange it expected to record a first quarter loss, in part because its yachts are "taking longer to sell than originally planned,” according to the Straits Times.

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