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Grand Banks Yachts Warns Loss For FY15

Shares Investment

Grand Banks Yachts has announced that a net loss is expected for FY15.

The loss is mainly attributable to the implementation of a corporate strategy following the Palm Beach Motor Yacht acquisition, discounts and sales incentives given to expedite the sale of older model inventory yachts.

In addition, new orders have been secured raising the order book to $31.6 million as at 31 March 2015, however, the revenue will be largely recognised in FY16.

The group also experienced longer production times due to new personnel and the construction of several yacht models being built for the first time at its Malaysian factory.



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