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VARD Holdings swung into a net loss of 25 million Norwegian kroner (S$4.1 million) for the first quarter ended March 31 from a net profit of 37 million kroner in the year-ago period.
Revenues for the period slipped 12 per cent to 1.78 billion kroner, due mainly to reduced activity especially at the Norwegian yards, as well as the cessation of operations in Vard Niteroi during the third quarter of 2016. The reduction is both related to own and subcontractor production.
Vard noted that while its Norwegian shipyards saw medium to low workload, its Romanian shipyards saw high workload, especially at Vard Tulcea; operations at the shipyard at Vung Tau in Vietnam were stable.
The group recognised restructuring cost of six million kroner during the quarter, related to termination benefits and statutory payments for temporary redundancies, mainly in Europe and Brazil.