Grand Banks reports results & plant closure

> Subscriber-only, By Arlene Sloan2020-09-01T15:59:00

The Malaysian luxury boat builder finished its fiscal year 2020 on a strong note with a 30% increase in revenues and fifth consecutive year of profits despite 8 weeks of shutdown and restructuring costs.

Grand Banks Yachts Ltd, producing the Grand Banks and Palm Beach boat brands, announced its results for the company’s 2020 fiscal year, ending 30 June, with a net profit of Singapore $1.1 million, compared to S$1.5 million for fiscal 2019. Revenues for the year rose 29.7% to S$103.2 million, compared to S$79.6m for 2019, due to higher sales or trade-in and stock boats in the second half of the year. At the same time, the company discussed its outlook and revealed it is closing…

To continue reading, please see our IBI Plus subscription options below for accessing Premium Content.

SUBSCRIBER-ONLY CONTENT

To continue reading, subscribe TODAY!

Gain instant unlimited access to all IBI Plus subscriber content.

TRIAL Subscriptions start from just £4 / €4 / $4 for your first month
Access to global report, insights and news at your fingertips
100% Money back guarantee - Cancel anytime

UNLOCK ARTICLE & KEEP READING – START YOUR TRIAL SUBSCRIPTION

_{No commitment, cancel anytime*}_{Offer ends 30 April 2025}_{* Cancel anytime during first 4 weeks after initial payment and no further payments will be taken.}_{Inclusive of applicable taxes (VAT)}