Vard’s 3Q losses narrow to $13.5 mil on loss provisions

SINGAPORE (Nov 11): Specialist shipbuilder Vard Holdings posted losses of NOK80 million ($13.5 million) for 3Q16, narrowing 84% from NOK486 of losses in the same period a year ago.

Revenue for the quarter was down 34% to NOK1.5 bil as compared to 2.3 bil in the previous year due to reduced activity, particularly in the European yards as well as during the cessation of operations in Vard Niterói.

Despite the lower topline, EBITDA before restructuring cost turned positive this quarter at NOK33 million as compared to losses of NOK467 million in 3Q15. The improved margin is primarily due to loss provisions accrued in 3Q15 as well as loss provisions related to projects at the Brazilian yards.

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