Vard warns shareholders of negative earnings in Q3

Blame it on cost overruns in some projects.

In a profit guidance issued last night, Vard Holdings announced that it expects a marginally negative EBITDA result for 3Q14.

Though the overall performance of its European shipyards was stable, Vard revised its estimates because some projects in its European order book incurred cost overruns.

Separately, regarding the tax claim received from authorities in Brazil and announced on 5 Aug 2014, Vard clarified that following further assessment of its legal position, it intends not to make any provisions for the tax claim in its financial accounts.

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