Vard Increased Revenues 15.8% in 2014

Maritime Activity Reports, Inc.

February 26, 2015

The Far Sun (Photo courtesy of Vard Holdings Limited)

The Far Sun (Photo courtesy of Vard Holdings Limited)

Shipbuilder Vard Holdings Limited increased revenues 15.8% in 2014, the company announced in its year-end financial report today.

On the back of very high activity at the yards and with subcontractors, VARD’s 4Q 2014 revenue rose 45.5% to NOK 4.5 billion ($587 million) from the corresponding period in 2013. FY2014 revenue increased 15.8% to NOK 12.9 billion ($1.6 billion) year-on-year, but due to higher operational expenses, FY2014 EBITDA dipped 37.5% to NOK 429 million ($55 million). FY2014 profit after tax stood at NOK 50 million ($6.5 million), compared to NOK 300 million ($39 million) for the previous year. As guided in the previous quarter, EBITDA margin improved and was positive, registering 2.7% for 4Q2014 and 3.3% for FY2014.


A company-wide cost improvement program is in progress, and is aimed at increasing flexibility and reducing both fixed and variable costs, thereby strengthening VARD’s position in a highly competitive market.

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