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Triyards 1Q Profit growth from Liftboat Contracts

Vincent Chia

Triyards Holdings Limited announced its 1Q results. Despite a 37% year-on-year drop in 1Q Revenue to US$ 56.7million, 1Q PAT rose 13% to US$ 8.2million. The results were attributed to its pipeline of liftboat contracts as well as contributions from its recently acquired Strategic Marine Group. This increased its gross margin from 14.2% to 22.9% for the quarter. Separately, Triyards also announced that it had won 2 liftboat fabrication contracts worth US$ 75.4million. These are for US-based operators. Its current liftboat pipeline stands at 8 vessels. 5 of these have been secure in the last 6 months. Going forward, Triyards feels that it is in a good position to grow its earnings base despite weak oil price.

GET TO THE POINT : Good to find a good niche. Also there is a good optimism and confidence despite weak oil prices.

(Picture from Triyards Holdidngs Limited)

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