Vard posts 2Q loss of NOK53 mil on restructuring costs

SINGAPORE (July 21): Offshore and specialised vessels manufacturer Vard Holdings posted a NOK53 million ($8.5 million) loss in earnings in 2Q16 ended June compared to a gain of NOK58 million in the same period last year.

The loss was due to the recognition of NOK38 million in restructuring costs incurred in relation to statutory payments pertaining to temporary lay-offs and termination benefits, mainly at Vard Niterói.

Revenue dipped 10.9% to NOK2.2 billion, attributed to reduced turnover mainly due to lower activity levels at the European yards and at Vard Niterói in Brazil.

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