Increased demand for luxury yachts in North America and Asia helped builder Grand Banks Yachts post its first full-year profit in six years.
The company said it earned a fourth-quarter profit of $800,000, compared with a loss of $2.3 million in the same period last year, The Straits Times reported. The period marked Grand Banks’ third profitable quarter in a row and the company reported a full-year profit of $1 million, compared with a loss of $5.2 million the previous year.
Revenue for the three months that ended June 30 rose 12 percent, to $13.2 million, from $11.8 million in the quarter a year earlier.
Revenue for the full year rose 14.5 percent to $40.3 million from $35.3 million a year earlier, because of stronger North American sales.
The Asian region, which accounts for 63.3 percent of Grand Banks’ global sales, entered a second year of recovery after sales plunged following the global financial crisis. Asian buyers are also "showing more interest," the company said in a statement Friday, noting that the region accounted for 19.4 percent of sales in the 2014 financial year.
Annual operating expenses fell from $9.5 million a year earlier to $6.5 million, the lowest level in five years, Grand Banks said. Earnings per share increased to 0.66 cent from a loss of 4.64 cents the previous year. Net asset value per share stood at 29.46 cents as of June 30 this year, compared with 33.17 cents on the same date last year.
The company said Friday that it intends to apply for removal from the Singapore Exchange's watch list because of its improved financial performance.