Grand Banks Yachts has warned the Singapore Stock Exchange (SGX) of an impending first-quarter loss. The company said in a letter to the exchange that its yachts are “taking longer to sell than originally planned,” according to the Straits Times.

The builder of the Grand Banks, Eastbay and Palm Beach brands last month received approval from the exchange to be removed from its “watch list” after reporting full-year net income of S$1.03m. That came after a loss of S5.2m a year earlier. Companies are placed on the exchange’s watch list after posting three consecutive years of pre-tax losses.