Grand Banks Yachts Limited reported unaudited consolidated earnings results for the first quarter ended September 30, 2016. For the quarter, the company reported revenue of SGD 13,032,000 against SGD 14,046,000 a year ago. Loss from operations was SGD 147,000 against profit from operations of SGD 1,311,000 a year ago. Profit before tax was SGD 38,000 against SGD 2,013,000 a year ago. Net profit for the period was SGD 201,000 against SGD 1,224,000 a year ago. Cash flows from operating activities were SGD 3,496,000 against SGD 1,421,000 a year ago. Purchase of property, plant and equipment was SGD 1,108,000 against SGD 1,369,000 a year ago. Fully diluted earnings per share were 0.11 cents against 0.66 cents a year ago. Net asset value per ordinary share as at September 30, 2016 was 24.78 cents.

For the first quarter the company reported property, plant and equipment written off SGD 1,000.