Triyards boosts profit

First quarter result sees Asian shipyard increase gross profit by 12%.

Triyards of Singapore is feeling little of the pain plaguing its main market, the offshore sector, as it reports a healthy result for the first quarter of its 2016 financial year.

The company revealed this morning that its gross profit of $14.59m, an improvement of approximately 12% over the $13.01m it earned in the first quarter of 2015.

Turnover came in at $78.12m, a 38% improvement over the $56.69m turnover it recorded in the first quarter of 2015.

The company attributes the big jump in turnover to an increase in orders toward the end of 2015, which included three chemical tankers worth a total of $100m in October, four escort tugs worth $12.8m in November, and orders for a research vessel, crew transfer boats and a couple of bunker barges worth a combined $67.32m in December.

Triyards said it was now sitting on an orderbook worth $564m. It builds it ships in its facilities located in Vietnam.