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Otto Marine says profit falls in second Quarterly 40% on year to S $ 17m
Mainboard-listed offshore marine group Otto Marine said its profit for the second quarter fell 40 per cent on year to S$17 million. Its revenue for the three months declined 26 per cent to about S$130 million
Otto Marine said this is partly due to the reduced utilization rates of its chartering of tugs and barges.
It also said it booked an unrealized revaluation of foreign exchange
loss of about S$20 million due mainly to the weakening of the Euro
against the US dollar.
But the group said, for the first half of this year, its profit rose 19 per cent on year to some S$41 million.
This is on the back of a 65 per cent increase in revenue to S$406 million.
Looking ahead, Group CEO Lee Kok Wah said the difficult market and
economic conditions appear to be abating and the group expects an
improvement in the outlook for the next 12 months.
He added that the group’s strategy to expand its charter fleet with
offshore vessels and move into the geophysical industry is starting to
show some benefits.
Source: Channel News Asia
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