SINGAPORE (Jan 6): Triyards, the subsidiary of Ezra Holdings, posted a 66% fall in 1Q17 earnings to US$2.1 million ($3 million) from US$6.2 million in the previous year.

Revenue for the quarter ended Nov grew by 17% to US$91.2 million from US$78.1 million a year ago, mainly due to higher contributions from the company’s vessels and tugs during the financial period as well as from its subsidiary, Strategic Marine Group.  

This was however offset by a 27% spike in cost of sales to US$80.7 million, leading to a decline in gross profit by 28% to US$10.5 million from US$14.6 million in the previous year.

The lower gross profit margins are due to different mix of projects and competitive market environment, says the group in a Friday filing to the SGX.

Triyards says it continues to see interest in its offerings despite the current challenging oil and gas (O&G) environment.

Shares in Triyards closed 1.6% higher at 31 cents on Thursday.