Vard issues a profit warning

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.