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.

Although Vard said the financial performance of the group is "negatively impacted" by operations at the Brazil yard, Vard Niterói, it is pleased with the financial results for the fourth quarter, which are an improvement over the previous two quarters.

Full-year net profit fell 55.6 per cent to NOK 357 million, while revenue grew 0.2 per cent to NOK 11.2 billion.

Earnings per share for the quarter was 1.95 cents, up from 0.51 cents a year ago.

Net asset value was 65 cents as at Dec 31, up from 59 cents a year ago.