Grand Banks Yachts announced the results of its fiscal 2025 first quarter, which covers the three months ending Sept. 30.
The builder reported that first-quarter profit after tax rose 95% year-over-year to $4.1 million, and revenue rose 29.1% to $30.3 million.
Gross profit rose 29.2% to $9.9 million from $7.6 million a year ago, mainly due to improved operational efficiency. The company said it optimized workflow and floor layout at its manufacturing facility in Malaysia. Gross profit margin for the quarter remained stable at 32.6%.
“It is an encouraging first quarter, and I look forward to the new models contributing to the results in the years to come, in particular the PB107, which will be the group’s largest yacht to date,” chairman Basil Chan said in a statement. “In addition, I am personally excited about working with the new board in the coming years.”
The company reported an order book of $88 million as of Sept. 30.
