Triyards’ profit falls by 24.3% to $8.8m in 1Q16

It didn’t get a one-off boost this time.

Recent wins from new clients weren’t quite enough for the offshore and marine firm to overtake its profit last year, which was boosted by a hefty US$3.9m one-off last year.

According to a press release by Triyards, its efforts to expand and diversify its orderbook have actually paid off, boosting its revenue and net operating profit after tax before other income by 38% and 52% to US$78.1m and US$6.1m respectively.

Excluding the one-off gain from last year, Triyards’ profit would be up 30%.

“The improved turnover was driven largely by projects, which were secured during FY15 – four liftboats and two multi-purpose support vessels (MPSVs) – that have progressed into advanced stages of construction. Despite this, effective cost control measures helped maintain administrative expenses at around US$6.6 million,” the press release said.

OCBC also attests to Triyards improvement, as it says the group’s focus on the liftboat business as well as its more diversified offering has allowed it to fare relatively well compared to other O&M peers.