Grand Banks Yachts Ltd today reported fiscal 2018 sales of $61.1 million (S$83.5 million), up 42.2 percent compared to the previous fiscal year. Net profit for the year was $6.95 million (S$9.5 million) compared to $381,000 (S$521,000) in 2017.

The Singapore-based company’s fourth-quarter sales were $13.1 million (S$17.9 million), a 9.6 percent drop compared to the same period a year ago. Net profits for the quarter were $4.5 million (S$6.2 million) compared to $730,000 (S$1.0 million) a year ago. The company said in a statement that the lower sales were due to fewer “boat trade-ins.”

Fiscal year 2018 was the third consecutive year in which Grand Banks reported a profit. The company said in a statement that it had 22 new boat orders in FY2018, which raised its order book to $24 million (S$32.8 million).

“I’m pleased to say our team has made significant progress during these twelve months,” said Mark Richards, Grand Banks CEO, in the statement. “This year’s excellent results are a testament to their hard work and dedication.”

The builder of the Grand Banks and Palm Beach brands said it improved gross profit margins because of more efficient production at its facility in Pasir Gudang, Malaysia.

In May, Grand Banks completed the acquisition of the Stuart Yacht Corporation in Florida, which is now its U.S. headquarters. The move, according to the company, lets Grand Banks “shore up its presence” in the U.S., one of its strongest markets.