NOK 12 million of the foreign exchange losses in 2Q was due to the yard construction loan in Vard Promar, which was denominated in US dollars.
SINGAPORE (July 25): Vard Holdings saw its losses widen to NOK 69 million ($11.7 million) for the second quarter ended June, from losses of NOK 53 million a year ago.
This was mainly attributable to foreign exchange losses. In the first half of 2017, Vard recorded a net foreign exchange loss of NOK 22 million, compared to a net foreign exchange gain of NOK 138 million in the same period last year.
