Published:
Vard Holdings 3Q13 results underwhelm with 66.7% PATMI plunge
Revenue also dipped 3.5%.
Vard Holdings Limited (VARD) reported its 3Q13 results, which according to OCBC Investment Research, fell short of expectations as revenue decreased by 3.5% YoY to NOK2,370m, while PATMI plunged 66.7% to NOK76m.
Still, there are a couple of silver linings to the disappointing quarterly results.
First, the 3Q13 PATMI was actually a reversal of the NOK20m net loss suffered in 2Q13 as Vard had taken an impairment of goodwill on its Niteroi yard in Brazil then, noted OCBC.
Also, Vard has announced that it has secured a new contract worth NOK55m for the construction of a survey vessel for Circle Maritime Invest JSC, with delivery scheduled in 3Q14.
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