Grand Banks Yachts floats back to black with $7,000 profit

This is thanks to improving yacht sales and orders.

On back of increasing orders and sales, Grand Banks Yachts swung an upturn of $7,000 in 4QFY16 compared to a net loss of $2.4 million on the previous corresponding period. On a full year basis ended 30 June 2016, net profit also rose to $2 million against a net loss of $4.8 million in FY15.

The luxury motor yacht builder revealed that its net profit for the concluded financial year represents the group’s highest income in eight years, with its net order book growing up to $34.1 million as at 30 June 2016. USA was its biggest market accounting 53.7% of its net order book followed by Australia at 46.3%.

Group revenue also improved 16.8% to $16 million in the quarter under review and 49.7% YoY to $58.7 in FY16.