Published:
Vard bounces back to black with NOK37m net profit in Q1
On back of a huge forex gain.
Vard Holdings reported a net profit of NOK 37m in the first quarter, compared to a net loss of NOK 92m in the same period last year.
The group achieved profit growth despite a 34% slide in revenue. Vard enjoyed a net financial income of NOK 48m during the quarter, mainly driven by foreign exchange gains related to the yard construction loan in Vard Promar denominated in USD.
As a result, VARD posted a net profit of NOK 43 million for the period, as compared to a loss of NOK 226 million a year back. NOK 37 million were attributable to equity holders of the Company, translating into an earnings per share of 0.51 SGD cents.
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