Triyards Holdings Limited reported unaudited consolidated earnings results for the first quarter ended November 30, 2014. For the quarter, the company's revenue was $56,699,000 compared to $90,087,000 a year ago. Profit from operations was $10,546,000 compared to $9,157,000 a year ago.

Profit before tax was $9,199,000 compared to $8,238,000 a year ago, mainly due to increase in gross profit and other income. Profit after tax was $8,224,000 compared to $7,308,000 a year ago. Profit attributable to owners of the company was $8,224,000 or $2.61 per basic and diluted share, compared to $7,308,000 or $2.48 per basic and diluted share, a year ago.

Net cash generated from operating activities was $10,522,000 compared to net cash used in operating activities of $5,598,000 a year ago, mainly due to receipts from customers. Purchase of fixed assets was $4,463,000 compared to $1,285,000 a year ago. Revenue recognised was higher due to contributions from the subsea construction vessel, Lewek Constellation and 3 units of self-elevating units ­ two from BH450 series and one from BH335 series ­ all of which were either fully completed or at final completion stage as at 30 November 2014, resulting in lower corresponding revenue recognised in first quarter of 2015.

Net asset value per ordinary share as at 30 November 2014 was 57.37 cents.