Grand Banks Yachts today reported third-quarter sales of S$23.8m, up 80.7% compared to the same period a year ago. The Singapore-based builder also reported net income of S$1.9m compared to a net loss of S$1.1m a year ago. This was its highest net income in nine years. Cash and cash equivalents stood at S$11.2m by the end of March.

The company said that sales of two stock boats and a trade-in boat were responsible for the improved numbers. Grand Banks also said that several yachts are now reaching construction milestones following streamlined operations and automation at its yard in Pasir Gudang.

“We are confident that the new models slated for launch over the next 12 months will contribute positively to our growing order book,” said Mark Richards, CEO, in a statement. Richards said that its enhanced production capabilities and strong demand should increase its growth.