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Shipbuilder Vard Holdings back in black for Q2

Published on Jul 22, 2014 10:13 AM

SINGAPORE - Shipbuilder Vard Holdings has posted a net profit of 140 million Norwegian krone (S$28 million) for its second quarter ended June 30, reversing a 20 million krone loss during the same period last year.

Revenue for the Singapore-listed group slipped 0.1 per cent in the same time, however, to 2.94 billion krone.

The group noted that its earnings before interest, tax, depreciation and amortisation rose for the fourth consecutive quarter to 189 million krone, signalling a "gradual recovery in profitability".

It won 2.7 billion krone in new orders during the three months to June 30, and its order book as of June 30 stood at 21.6 billion with deliveries until 2017.

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