Grand Banks Yachts Limited provided earnings guidance for the financial year ended June 30, 2012. The company expects to report a loss of SGD 4.5 million to SGD 5.5 million. As announced in the company's Corporate and Business Update dated on July 18, 2012, this expected range of loss (between SGD 4.5 million to SGD 5.5 million) excludes non-cash charge of approximately SGD 0.72 million for certain inventory materials and the accelerated appreciation of some tooling and other assets recognized in the quarter ended March 31, 2012; and an intended non-cash charge of approximately SGD 5.0 million comprising, principally impairment of certain assets as well as the complete write-off of deferred tax assets, to be recognized for the fourth quarter and the financial year ended June 30, 2012. Including these non-cash items, the loss is expected to range between SGD 10 million to SGD 12 million.