Vard slides further into the red for Q2

YARD operating group, Vard Holdings, slipped deeper into the red mainly due to negative financial items and losses in associated ship-owning entities.

Net loss widened by 30 per cent to 69 million Norwegian kroner (S$11.7 million), from a net loss of 53 million kroner in the previous year, the mainboard-listed group said in a Singapore Exchange filing on Tuesday.

The group narrowed its Q2 operating loss to four million kroner from 78 million kroner, but this was more than offset by negative financial items and a larger share of loss from the results of associates.

Vard posted 49 million kroner in negative financial items on foreign exchange losses compared to 25 million kroner of positive financial items a year ago. Share of losses from associates increased to 17 million kroner from nine million kroner.

For the three months ended June 30, revenue shrank 4.1 per cent to 2.13 billion kroner from the previous year. The slide in revenue was due partly to "reduced activity" at the company's Norwegian shipyards, it said.

Loss per share expanded to 0.06 krone from 0.04 krone in the year-ago period.

Net asset value per share slipped to 1.87 krone as at June 30, from 1.92 krone six months ago.

Vard Holdings Limited shares finished flat at S$0.245 on Tuesday.