Grand Banks Yachts Ltd. was approved by Singapore Exchange Securities Trading Ltd. for removal from the watch list.
Grand Banks was placed on the SGX-administered watch list on Dec. 5, 2011, after reporting three consecutive years of financial losses.
The maker of the Grand Banks boat brand, which recently acquired Palm Beach Motor Yacht Co Pty Ltd. of Australia, said Aug. 27 that it had recorded a profit before taxes of nearly $800,000 for the financial year that ended June 30.
The profit recovery was driven by improvement in boat sales in the United States — its main market –- and Asia, and stringent cost-cutting measures.
“The removal from the watch list underscores the hard work of the entire Grand Banks team to increase sales, introduce new-boat designs as well as to improve operational and financial efficiencies,” Grand Banks chairman Heine Askaer-Jensen said in a statement. “We are pleased by the Singapore exchange’s decision to remove the company from the watch list after having recorded a full year of profit in FY 2014.”
“Grand Banks will continue to improve its value proposition and seek further improvements in production efficiency,”he said. “Towards this end, our efforts will be accelerated by the recent acquisition of Palm Beach and the appointment of Mr. Mark Richards as the executive director and CEO of the enlarged company.”