Vard Holdings continues to bleed red ink with a first quarter loss of NOK 27m ($3.1m), but the figure was an improvement the last quarter of 2016.
The Singapore-listed shipbuilder saw revenue slide by 12% to NOK 1.77bn. The result was boosted by a 17% drop in costs to just over NOK 1bn.
The decline in revenue was mainly attributed to reduced activity at Vard’s Norwegian yards, as well as the cessation of operations at Vard Niteroi during late 2016.
