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 2.7 billion krone. Vard saw its operating margin during this period fall to 4.6 per cent from 10 per cent last year.
Earnings before interest, tax, depreciation and amortisation (Ebitda) margin increased for the third consecutive quarter ending at 6.4 per cent, against a high Ebitda margin of 11.1 per cent for last year.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Universal Music Group reaches new licensing agreement with TikTok
Sumitomo to bolster shareholder returns in new mid-term plan
US Fed ‘less hawkish’ than expected; Singapore banks, net cash companies likely to outperform
ST Engineering bags more than S$175 million in contracts to upgrade Singapore’s public bus fleet
ING unveils 2.5 billion euros buyback as profit beats estimates
Prosper Cap halts operations at UK hotel after fire breaks out