Grand Banks Yachts to be removed from SGX Watch-List from Oct 9

Grand Banks Yachts says the company will be removed from the SGX Watch-List with effect from Oct 9.

The maker of luxury yachts had announced its first full-year profit after five consecutive years of losses from 2009.

In FY2014 ended June, Grand Banks Yachts recorded earnings of $1 million, led by strong boat sales in North America and growth in Asia in its fourth quarter.

Revenue increased 14.5% to $40.3 million in FY 2014.

Grand Banks Yachts closed 6.4% higher at 25 cents.