Shipbuilder Vard issues profit warning

SINGAPORE - Mainboard-listed shipbuilder Vard Holdings issued a profit warning on Thursday (Oct 15) for its its financial results for the third quarter ended Sept 30 and the full year ending Dec 31.

It said its earnings for these periods will be "materially negatively affected" by operational challenges at its Brazilian shipyards, and negative trends in the Brazilian economic and political environment.

The details of Vard's performance will be disclosed when it announces its unaudited financial results for the third quarter on Nov 11.

In the meantime, the company advised its shareholders and investors to exercise caution when dealing in Vard shares.