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Vard sees 4Q losses double to NOK 131 mil on lower margins after reassessment

Michelle Zhu
Michelle Zhu3/1/2018 11:03 PM GMT+08  • 2 min read
Vard sees 4Q losses double to NOK 131 mil on lower margins after reassessment
SINGAPORE (Mar 1): Vard Holdings reported a doubling of 4Q17 losses to NOK 131 million ($22.2 million) from its net loss position of NOK 67 million a year ago.
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SINGAPORE (Mar 1): Vard Holdings reported a doubling of 4Q17 losses to NOK 131 million ($22.2 million) from its net loss position of NOK 67 million a year ago.

The group mainly attributes this to a reassessment of its net realizable value (NRV) of vessels held in inventory which resulted in a lower EBDITA margin.

This resulted in EBITDA falling to NOK 8 million in 4Q, down from NOK 67 million in the corresponding period. Excluding the effects of the reassessment, EBITDA before restructuring costs would have been NOK 62 million for 4Q17, in line with a year ago.

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