Vard issues a profit warning

OCTOBER 15, 2015 — Singapore listed Vard Holdings Limited, which is majority owned by Fincantieri, yesterday issued a profit warning regarding the financial results for the third quarter ended September 30, 2015 and the full year ending December 31, 2015.

Vard cited disclosures made in its first and second quarter reports regarding the operational challenges at its Brazilian shipyards of the group and what it called "the negative trend in the Brazilian economic and political environment/"It said third quarter and full year results "will be materially negatively affected."

The details will be disclosed on November 11 when Vard announces its unaudited third quarter financial results. In the meantime, the Board is advising its shareholders and investors to exercise caution when dealing in the shares of the company.

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