Grand Banks Yachts Limited announced unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2015. For the quarter, the company reported revenue of SGD 6,320,000 against SGD 8,127,000 a year ago. Loss from operations was SGD 1,488,000 against profit from operations of SGD 531,000 a year ago. Loss before taxation was SGD 1,167,000 against profit before taxation of SGD 527,000 a year ago. Net loss for the period was SGD 1,144,000 against net profit of SGD 542,000 a year ago. LBITDA was SGD 423,000 against EBITDA of SGD 991,000 a year ago. Cash flows from operating activities were SGD 1,211,000 against cash flow used in operating activities of SGD 2,284,000 a year ago. Purchase of property, plant and equipment was SGD 414,000 against SGD 178,000 a year ago. The group's revenue for the quarter ended 31 March 2015 decreased 22.2% from the quarter ended 31 March 2014 due mainly to a reduced production schedule at the Malaysian factory so that the group could focus on new product development as well as lower sales of inventory yachts. Excluding the non-cash expenses recognized in relation to the acquisition of PBMY, the net loss for the quarter would have been reduced from SGD 1,100,000 to SGD 900,000. The group's cash inflow from operating activities improved significantly compared to cash outflow in third quarter of 2014, mainly due to a decrease in working capital-attributable to a decrease in receivables and an increase in payables, offset by an increase in prepayments. Loss per share on fully diluted basis was 0.62 cents against profit of 0.31 cents a year ago.

For the nine months, the company reported revenue of SGD 25,515,000 against SGD 27,132,000 a year ago. Loss from operations was SGD 2,753,000 against profit from operations of SGD 478,000 a year ago. Loss before taxation was SGD 2,111,000 against profit before taxation of SGD 254,000 a year ago. Net loss for the period was SGD 2,356,000 against net profit of SGD 232,000 a year ago. LBITDA was SGD 23,000 against EBITDA of SGD 1,512,000 a year ago. Cash flows from operating activities were SGD 1,146,000 against cash flow used in operating activities of SGD 1,813,000 a year ago. Purchase of property, plant and equipment was SGD 1,716,000 against SGD 863,000 a year ago. Excluding the non-cash expenses recognized in relation to the acquisition of PBMY, the net loss for nine months of 2015 would have been reduced from SGD 2,400,000 to SGD 1,600,000. Loss per share on fully diluted basis was 1.29 cents against profit of 0.15 cents a year ago.