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Vard Holdings reports sharp rise in Q4 net profit

Published on Feb 25, 2014 6:24 PM

Specialised vessel builder Vard Holdings reported that its net profit soared by 334.6 per cent for the fourth quarter.

Net profit rose to NOK 113 million (S$23.7 million) for the three months to Dec 31 compared with a year ago, said the firm in a statement on Feb 25.

Revenue rose 22.5 per cent to NOK 3.1 billion for the quarter, due to high yard utilisation and good project progress.

This was also lifted by five vessels delivered during the fourth quarter and secured contracts for three newbuildings.

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