Vard Holdings sinks to Q4 loss of about S$30m

SINGAPORE - Shipbuilder Vard Holdings posted on Monday (Feb 29) a fourth quarter loss of 185 million Norwegian kroner (S$30 million).

This was mainly due to reduced activity at some of its European shipyards as a result of the shortfall in new orders, the group said.

In comparison, it posted a profit of 283 million kroner (S$46 million) a year earlier.

Revenue for the three months to Dec 31 was 26 per cent lower at 3.32 billion kroner (S$540,000), while revenue for the full year fell 14 per cent to 11.14 billion kroner (S$1.81 billion).

For the full year, it posted a loss of 334 million kroner (S$54.2 million) compared with a profit of 444 million kroner (S$72 million) in 2014.

Loss per share was 1.1 Singapore cents for the fourth quarter and 8.22 cents for the full year.

This compares to earnings per share of 2.29 cents for the fourth quarter in 2014 and 5.25 cents in 2014.

Net asset value per share was 52 cents at Dec 31, compared with 62 cents a year earlier.

Vard shares traded at 16 cents, up 2.3 cents or 16.8 per cent, at 12:08 am on Monday.