Grand Banks today reported a net profit for the six months ended Dec. 31, 2018, the first half of its fiscal year. The yacht builder, listed on the Singapore stock exchange, said in a statement that it received 12 new-boat orders that raised its order book to S$42.8 million (US$31.5 million).
The company reported net sales of S$38.9 million (US$28.67 million) for the first half of its fiscal year, down S$5.2 million (US$3.83 million) compared to the same period a year ago. Gross profit was up 2.6 percent to S$10 million (US$7.37 million) for the same period, and gross profit margin increased to 25.7 percent, compared with 22.1 percent in the year-ago period.
The company reported revenues of S$17.3 million (US$12.75 million) for its second quarter, compared with S$19.9 million (US$14.67 million) a year ago. Net income for the second quarter dropped to S$100,000 (US$73,697) compared to S$1 million (US$736,970) a year ago. The statement said that without a one-time tax expense, net income would have been S$300,000 (US$221,091).
The company said its boats are being met with a “positive reception” at U.S. shows.
“Our team has been hard at work over the past six months to expand our yacht portfolio and deliver new products to our global customer base,” said Mark Richards, Grand Banks CEO, in the statement. “We will continue to improve our production yards to achieve even better output while striving to keep costs low.”
The company ended the financial period with cash and cash equivalents of S$13.3 million (US$9.8 million), compared to S$8.4 million (US$6.19 million) on June 30, 2018.