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    Vard concludes second quarter/first half of 2014 in good shape

    Company News // July 22, 2014

    Vard Holdings Limited has announced financial results for the second quarter of financial year 2014 and first half ended 30 June 2014.

    Revenues for the quarter were NKr 2.94 billion, in line with the corresponding period of 2013, and revenues for the first half of 2014 were NKr 5.61 billion.

    Signalling a gradual recovery in profitability, EBITDA rose for the fourth consecutive quarter to NKr 189 million. EBITDA margin for the second quarter stood at 6.4 per cent, unchanged from the preceding quarter but significantly higher than EBITDA margin of 4.1 per cent in the second quarter of 2013. Operating profit for the quarter was NKr 140 million, and profit after tax for the first half of 2014 rose almost 40 per cent year-on-year to NOK 190 million.

    At the end of the first half of the year, Vard had cash and cash equivalents amounting to NKr 1.8 billion.

    In the first half of the year Vard recorded a healthy order intake of NKr 2.7 billion following five new vessel contract wins. 

    On the back of seven vessel deliveries, Vard concluded the first half of 2014 with a strong orderbook of NKr 21.6 billion and 43 vessels in the order book. The existing orderbook stretches into 2017, and includes 27 vessels of Vard design.

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