Grand Banks Yacht has reported sales of S$20.3m for its second quarter ended December 31, 2017, up 61.8% compared to the same period a year ago. The Singapore-based builder’s net income rose 62.4% to S$677,000 for the quarter.

A statement said gains came from the sales of two new yachts as well as more yachts that had reached construction milestones for “revenue recognition.” The company had cash and cash equivalents of S$9.9m.

“The improvement in our top and bottom line reflects our enhanced production capabilities and strong demand for the Grand Banks and Palm Beach brands,” said Mark Richard, Grand Banks CEO, in a statement.

According to the Edge Singapore, the company has established a Strategic Committee to assist the board in the development of the group’s long-term strategic plans. It will be led by non-executive independent director Gary James Weisman, and will include Mark Richards, and non-executive independent director Heine Askaer-Jensen.