Grand Banks reports results & plant closure

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…

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