Vard's Q3 loss narrows sharply

SHIPBUILDER Vard Holdings posted a loss of 80 million Norwegian kroner (S$13.5 million) in the third quarter from a loss of 486 million kroner a year ago.

Revenue at the mainboard-listed Norwegian firm fell 34 per cent to 1.5 billion kroner from 2.27 billion kroner a year ago led by reduced activity at the European yards and the closure of Vard Niteroi shipyard during the quarter.

Loss per share stood at 0.07 krone versus a loss per share of 0.41 krone in the third quarter of 2015.

As at end September 2016, the group's order book was worth 14.08 billion kroner - much higher compared to 11.93 billion kroner at the end of the second quarter and 10.23 billion kroner at end-2015. New order intake during the quarter came to 3.29 billion kroner, said the company.