Triyards: 3QFY16: Lower Earnings On One-Off Costs And Higher Interest Expense
- Reported a lower-than-expected net profit of US$4.1m (-24% yoy), on lower gross profit margin and higher interest expense.
- Net gearing rose higher to 67% but was as expected.
- US$175m order for a pair of liftboats was shifted from end-FY16 to 2QFY17.
- The contracting environment remains challenging and UOB Kay Hian cuts TP to $0.44.