Forex gain pushes Vard back into the black

Singapore

VARD Holdings registered an operating loss for the first quarter as its revenue dropped sharply. But thanks to a net foreign exchange gain - against a net forex loss a year earlier - its bottom line for the three months ended March 31 showed a net profit attributable to equity-holders of 37 million Norwegian kroner (S$6.25 million), against a net loss of 92 million kroner a year earlier.

This translated to earnings per share of 0.51 Singapore cent, against a loss per share of 1.36 Singapore cents previously. Including non-controlling interest, attributable profit was 43 million kroner, compared with attributable loss of 226 million kroner for the year-ago period.