Grand Banks Yachts posts 10.1% dip in 1Q earnings on lower revenue, higher expenses

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SINGAPORE (Nov 14): Grand Banks Yachts’ net profit for 1Q19 dipped 10.1% y-o-y to S$1.1 million from the group’s restated earnings of S$1.3 million on the back of lower revenue and higher operating expenses.

For the 1Q ended Sept, the luxury boat maker reported revenue of S$21.6 million, down 10.7% from restated 1Q18 revenue of S$24.2 million due to fewer stock boats and trade-in boat sales compared to the previous year.

Total operating expenses rose 29% to S$3.9 million from... (Click here to read the full story)