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Vard cuts 3Q losses to $1.5 mil on higher revenue & lower restructuring costs

Michelle Zhu
Michelle Zhu11/10/2017 07:20 AM GMT+08  • 2 min read
Vard cuts 3Q losses to $1.5 mil on higher revenue & lower restructuring costs
SINGAPORE (Nov 10): Vard Holdings saw 3Q17 losses narrowed to NOK9 million ($1.5 million) from losses of NOK104 million a year ago on higher sales.
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SINGAPORE (Nov 10): Vard Holdings saw 3Q17 losses narrowed to NOK9 million ($1.5 million) from losses of NOK104 million a year ago on higher sales.

The shipbuilder’s bottomline was further boosted by reduced structuring costs and stable depreciation compared to a quarter ago.

Revenue for the quarter grew 33% to NOK2 billion compared to NOK1.5 billion in 3Q16, backed by high activity levels at the yards in Romania and Vietnam which the group says was due to rapid progress made on the Module Carrier Vessels projects for Topaz Energy and Marine, and Kazmortransflot, as well as the ongoing construction on all six expedition cruise vessels contracted in 2016.

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