Grand Banks Yachts Limited announced it will showcase two yachts, including one newly built 53 Aleutian RP, at the May 23-26 Sanctuary Cove International Boat Show, amidst signs of a pick-up in the Australian market in recent months. The boat maker will unveil this 53 Aleutian RP, which was recently sold to an Adelaide customer, for the first time in Australia after its recent completion at the Malaysian factory. The company is targeting to expand its dealer network in Western Australia, New Zealand and South Pacific region, and has shortlisted Perth, Victoria, Tasmania, Fiji and New Caledonia as priority new markets.

Grand Banks Yachts Limited reported consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported revenue of SGD 10,265,000 compared with SGD 7,850,000 for the same period last year. Loss from operation was SGD 794,000 compared with SGD 1,580,000 for the same period last year. Loss before taxation was SGD 570,000 compared with SGD 1,601,000 for the same period last year. Net loss for the period was SGD 721,000 compared with SGD 1,596,000 for the same period last year. Cash flow from operation was SGD 3,093,000 compared with cash used in operation of SGD 2,362,000 for the same period last year. Purchase of property, plant and equipement was SGD 392,000 compared with SGD 319,000 for the same period last year. For the nine months, the company reported revenue of SGD 23,450,000 compared with SGD 21,290,000 for the same period last year. Loss from operation was SGD 2,820,000 compared with SGD 6,309,000 for the same period last year. Loss before taxation was SGD 2,779,000 compared with SGD 5,645,000 for the same period last year. Net loss for the period was SGD 2,944,000 compared with SGD 5,667,000 for the same period last year. Cash flow from operation was SGD 7,329,000 compared with cash used in operation of SGD 3,821,000 for the same period last year. Purchase of property, plant and equipement was SGD 1,334,000 compared with SGD 1,043,000 for the same period last year. The group expected its performance to be significantly better than in fiscal 2012 as it continues to narrow its losses, in line with the corporate and business updates announced on July 18, 2012. While it does not expect fiscal year 2013 to be profitable, the group is optimistic that it will continue to narrow the losses further with a view to achieving profitability in fiscal 2014.

Grand Banks Yachts Limited announced the appointment of William Charles Fink as non-executive and non-independent director of the company with effect from February 21, 2013. Mr. Fink has been retired for the past 10 years. He has provided consulting services to the Group in the areas of marketing research, product development, due diligence and customer interfaces as well as providing editorial services.