IMAGE COURTESY GRAND BANKS Grand Banks Yachts Ltd. for the six months ended Dec. 31, 2022 (1H FY2023), reported a 48.7% increase in revenue to S$50.2 million (US$37.5 million) and net profit of S$3.6 million ($2.7 million), reversing a net loss of S$0.7 million ($523,000) in the first half of the year.
The company — which builds Grand Banks, Palm Beach and Eastbay models in Malaysia — posted revenue of S$33.8 million ($25.3 million) in the comparable, year-prior period, when production was suspended for more than two months due to the Malaysian government’s pandemic movement control orders.
“We are pleased to deliver a strong set of results for 1H FY2023,” CEO Mark Richards said in a statement. “As we fully recovered from the Covid-19 situation in Malaysia, we are starting new initiatives to further streamline production efficiencies and shorten delivery lead times.”
Gross profit for the first half of financial year 2023 rose to S$14.1 million ($11 million) from S$7.5 million ($5.6 million) a year ago. Gross margin improved to 28.1% from 22.2%.
In December, Grand Banks completed the acquisition of a 13,000-square-foot property adjacent to its service yard in Stuart, Fla., for $1.9 million.
