Grand Banks Yachts to Record Loss in July-December 2021 Period

MT Newswires · 01/24/2022 12:26

11:20 PM EST, 01/23/2022 (MT Newswires) -- Grand Banks Yachts (SGX:G50) expects to post a net loss for the six months ended Dec. 31, 2021, amid the prolonged closure of its manufacturing facility in Pasir Gudang, Johor, Malaysia from July to September last year.

The manufacturing facility was shut down on the order of the Malaysian government to prevent the spread of COVID-19 infection, according to a Friday bourse disclosure.

The company said the loss of revenue , increased freight costs amid disruptions in sea freight and rising material costs will result in a net loss for the July-December 2021 period.

The manufacturer of luxury motor yachts will disclose financial results in mid-February.

Grand Banks Yachts' shares were down nearly 2% recently.

Price (SGD): S$0.31, Change: S$-0.01, Percent Change: -1.59%

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