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.