Grand Banks Yachts

Grand Banks Yachts: (The Edge) Striving to be Removed off watch list as orders trickle in. Note that orders for boats have been rolling in, signifying that the worst is over and tt demand for well-made yachts are trickling back. Grp has also managed to reduce its inventory by $8m to $13.5m as at end June. For 3Q12, Grand Banks achieved rev of $7.9m, a 30.2% decrease YOY and losses for the qtr were reduced by 4.5% to $1.6m. Grp note that they are working feverishly to be taken off SGX watch list. Co. is introducing further cost-cutting measures and plans to boost operational efficiency and improve its staff. To Top it all off, grp is planning to ramp up its product development and market its new products aggressively and open more company owned retail stores to boost its brand presence and expand into emerging mkts. With the new plans in place, FY13 looks like a better start for grp, with orderbook reaching $13m, an increase from $7.1m yoy.