TRIYARDS expands client base with US$17.8m in new orders
TRIYARDS Holdings Limited continued to expand its client base with US$17.8 million in new orders whilst strengthening its foothold in the renewable energy sector. The four newly inked contracts, three of which are with new customers, comprise three wind farm support vessels and a luxury river cruise vessel.
Equipped with either the Quad Volvo IPS or Quad WaterJet propulsion engines, each wind farm vessel can cruise at a speed of at least 25 knots and carry up to 24 passengers. These aluminium craft will also be fitted with deck cranes with lifting capacities of up to 10 tonnes.
The 65 - metre cruise vessel, on the other hand, will be built for Compagnie Fluviale du Mekong by CroisiEurope, an established European cruise operator, and will ply the Mekong River between Vietnam and Siem Reap, Cambodia. The vessel is designed with a rustic charm and will have 30 cabins with private balconies as well as a swimming pool on the sun deck. The ship’s facilities and amenities are primed to pr ovide utmost passenger comfort.
TRIYARDS also reported its financial results for the three months ended 29 February 2016 (2QFY16). The Group’s net profit attributable to shareholders (PATMI) was US$ 5.3 million on a 15% higher revenue of US$ 70.5 million, largely supported by work done on four liftboats, two multi - purpose support vessels and three chemical tankers. Gross profit also rose 8% to US$14.8 million.
The construction of aluminium crew boats and wind farm vessels by subsidiary Strategic Marine Group also contributed to the results. In line with its growing orderbook, which stands at US$ 513 million as at 29 February 2016, the Group’s net debt (total external indebtedness net of cash and cash equivalents) to equity ratio rose to 0.55 times from 0.31 times as at the end of FY15. Excluding project - related financing, TRIYARDS’ net debt to equity ratio is 0.04 times.