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Vard's Q1 profit plunges 51.1% to 92m krone

OFFSHORE vessel builder Vard Holdings posted a 51.1 per cent year-on-year fall in its first-quarter net profit to 92 million Norwegian krone (S$19.2 million) due to lower revenue and higher costs.Revenue for the three months ended March 31 dipped 2.7 per cent from the same period last year to 2.