SINGAPORE (Nov 11): OCBC is maintaining its “sell” recommendation of Vard Holdings at a lower fair value of 31 cents as the builder of specialised offshore support vessels is likely to see a net loss in FY2015 and its Brazilian yards could see further impairments.

Vard Holdings this morning reported a 19% drop in revenue to NOK 2.27 billion ($374.4 million), while EBITDA before restructuring cost was –NOK 467 million in 3Q15, caused by loss provisions related to projects at the Brazilian yards.

Along with restructuring cost of NOK 36 million in the quarter, Vard saw a net loss of NOK 486 million in 3Q15 vs. a loss of NOK 37 million in 3Q14.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook