Vard suffers Q3 net loss of 37m kroner despite 18.5% rise in revenue

Singapore

VARD Holdings sank into the red with a net loss of 37 million Norwegian kroner (S$7.01 million) for the third quarter ended Sept 30 compared with a profit of 76 million kroner a year earlier, because of higher operating costs.

Revenue jumped 18.5 per cent year-on-year to 2.81 billion kroner as the firm delivered five vessels during the quarter and landed contracts to build two more.