Strong quarter at Grand Banks, but sharp decline expected

After logging new sales in the quarter ending March 31, Grand Banks anticipates a sharp downturn and more layoffs in light of an extended shutdown at its main Malaysian plant

Luxury yacht builder Grand Banks issued an update today on the first nine month’s of the company’s fiscal year ending 31 March showing an 82% increase in revenues over the last three months and 34% increase for the 9-month period – up to Singapore $72.4 million (approx. US$ 50 million and compared to S$53.9 million for the same period last year).

The company said this was primarily due to more boats in production as well as more stock boat sales. Net profit after tax more than doubled to S$3.3 million from S$1.4 million for the comparative 9-month periods. The Group’s net order book as of 31 March stood at…

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