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Grand Banks Yachts reverses into $1.1 mil net profit in 1QFY2023

Felicia Tan
Felicia Tan10/25/2022 05:30 PM GMT+08  • 2 min read
Grand Banks Yachts reverses into $1.1 mil net profit in 1QFY2023
Grand Banks Yachts' CEO Mark Richards
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Grand Banks Yachts, the Mainboard-listed builder of the prestigious Grand Banks, Eastbay and Palm Beach boats, has reported a net profit after tax (NPAT) of $1.1 million for the 1QFY2023 ended Sept 30.

In contrast, the group reported a net loss of $4.2 million in the corresponding period the year before.

According to the group, the reversal into profitability is mainly attributed to the group’s revenue, which surged 94.3% y-o-y to $22.4 million.

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