Vard earnings plunge 66.7% in Q3

OFFSHORE vessel builder Vard Holdings yesterday posted a sharp drop in third-quarter net profit of 66.7 per cent to 76 million Norwegian kroner (S$15.8 million), from 228 million

kroner last year, due mainly to an overload situation in its Brazilian yard.

Revenue for the July- September quarter was 2.37 billion kroner, decreasing by 3.5 per cent from 2.46 billion kroner in the corresponding period of 2012.