Triyards

Triyards: 4QFY14 net profit slumped 49% y/y to US$5.3m, on revenue of US$48.8m (-36%), due to timing differences on profit recognition. Bottom line was also dragged by higher personnel expenses and business development related expenses. This brought FY14 earnings to US$26.7m (-15%) and revenue to US$268.6m (-2%), below street estimates by 4% and 3% respectively.