
PUBLISHED MAY 14, 2013
Vard Q1 net profit tumbles 30%
Norwegian shipbuilder Vard Holdings Limited's first-quarter net profit fell 30.1 per cent year on year to NOK188 million (S$40.1 million).
The company, previously called STX OSV Holdings, said on Tuesday that its revenue for the three months ended March 31, 2013 fell 2.3 per cent from a year ago to NOK2.75 billion.
Earnings per share fell to NOK0.16 from NOK0.23.
However, net asset value per share rose to NOK2.86 as at end-March from end-December 2012's NOK 2.68.
FIRST QUARTER RESULTS * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT
http://info.sgx.com/webcorannc.nsf/AnnouncementToday/5BB82ED7E52297CD48257B6A001F86E8?opendocument
PRESS RELEASE * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT
VARD STARTS OFF THE YEAR WITH STRONG ORDER INTAKE AND INVESTS IN FUTURE GROWTH
- ƒ Contracts with key clients for three large and complex projects secured during first quarter
- Order intake for 1Q 2013 at NOK 2.8 billion, more than double from the preceding quarter
- EBITDA margin of 11.1% despite challenging operating environment
- ƒ Major investments in Romania and Vietnam
- ƒ New shipyard project in Brazil, Vard Promar, is more than 85% complete, with virtually all functions vital for commencing operations by end June in place
- Optimistic outlook for subsea support and construction vessel market, and for overall new order intake
http://info.sgx.com/webcorannc.nsf/AnnouncementToday/C70E7BC4925AF22248257B6A001FA8E1?opendocument