Grand Banks Yachts forecasts loss for 1Q

Author:
Publish date:

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.

Related

Montara signs 27 dealers

With 23 others waiting to sign on, the manufacturer of the new wake-surfing/pontoon design is “incredulous” at the quick dealer response.