Triyards’ revenue down 37% in 1Q15

It raked in $75.9m.

Triyards Holdings today reported that its revenue for 1Q15 fell 37% year-on-year to $75.9m (US$56.7m).

However, its net profit climbed 13% to $11m (US$8.2m) boosted by negative goodwill of $5.22m (US$3.9m) from the acquisition of SM Group.

According to OCBC, gross profit margin was 23% in 1QFY15 vs. 14.2% in 1QFY14, mainly due to a higher-margin offshore fabrication project and different mix of projects at their respective completion stages.

“Meanwhile, the group also announced US$75.4m in new liftboat orders (two units, excluding owner furnished equipment), such that its newbuild pipeline has grown to eight liftboats. Our rating and fair value estimate is currently under review. We had a Buy rating and S$0.88 fair value estimate on the stock prior to the blackout period due to the listing of EMAS Offshore, a related entity of Triyards,” stated OCBC.