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Grand Banks Yachts posts 73.6% fall in FY17 earnings to $0.5 million

Michelle Zhu
Michelle Zhu8/28/2017 05:49 PM GMT+08  • 2 min read
Grand Banks Yachts posts 73.6% fall in FY17 earnings to $0.5 million
SINGAPORE (Aug 28): Grand Banks Yachts, the manufacturer and retailer of luxury motor yachts, has announced a net profit of $0.5 million for the full year ended June, representing a 73.6% decline from its $2 million in earnings for FY16 on a surge in expe
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SINGAPORE (Aug 28): Grand Banks Yachts, the manufacturer and retailer of luxury motor yachts, has announced a net profit of $0.5 million for the full year ended June, representing a 73.6% decline from its $2 million in earnings for FY16 on a surge in expenses.

FY17 evenue remained stable at $58.7 million, relatively unchanged from a year ago as the group was impacted than longer-than-expected delivery time for the first Grand Banks 60 yacht.

However, total operating expenses surged to $9.9 million from $9 million in FY16, due mainly to higher broker commission fees, boat show expenses, and consultancy marketing fees.

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