Vard nets 140m kroner in Q2 turnaround

THE tide was in favour of Singapore-listed Vard Holdings in the second quarter of this year.

With revenue just marginally lower at 2.942 billion Norwegian kroner (S$588.7 million) for the April-June quarter, the Norway-headquartered company known formerly as STX OSV Holdings steered itself to a net profit of 140 million kroner, from a net loss of 20 million kroner a year ago.

The Q2 results were largely in line with expectations, said Andy Wong, an analyst at OCBC Investment Research.