SINGAPORE (Nov 14): Grand Banks Yachts’ net profit for 1Q19 dipped 10.1% y-o-y to $1.1 million from the group’s restated earnings of $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 $21.6 million, down 10.7% from restated 1Q18 revenue of $24.2 million due to fewer stock boats and trade-in boat sales compared to the previous year.

Total operating expenses rose 29% to $3.9 million from $3 million previously.

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