Staff Reporter
,
Singapore
On back of forex losses.
Vard Holdings reported a net loss of $40m (NOK 226m) in the first quarter, on back of unrealized foreign exchange losses from a 15-year USD-denominated yard construction loan in Brazil.
Net foreign exchange losses in the quarter amounted to $37m (NOK 207m). The group did not secure any new orders in the quarter.
Consequently, order book value at the end of the quarter amounted to $2.8 (NOK 15.6b), representing a 28% decrease compared to the same period last year.
Join Singapore Business Review community
Since you're here...
...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.
We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.
Let us help you drive your business forward with a good partnership!