Singapore-based boat builder of the Grand Banks and Palm BeachMotor Yacht brands posted a strong first half with a 66% increase in net profit to S$2.0 million (US$1.5m) and a net order book worth S$64 million (US$46m); the company’s Palm Beach GT60 (above) makes its debut at the Miami show ...
Revenues for the Grand Banks Yachts group – headquartered in Singapore and listed on the main stock exchange there – rose 16% to S$45 million (US$32m) for the first half of the company’s fiscal 2020 year ending 31 December 2019, with significantly improved profitability for the same period – reaching S$2.0 million (US$1.4m) compared to S$1.2 million (US$855k) the previous year.
The strong results came on the back of an extensive revamp of the company’s manufacturing facilities in Pasi Gudang, Malaysia. Expanded to 550,000-square feet to match a growing order book, the yard was also substantially upgraded with a new robotic 8-axis mill – earning the company a 2019 IBI-METSTRADE Boat Builder Award for Innovation in a Production Process….
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