Otto Marine issues profit warningCompany News // February 9, 2012
The Board of Directors of Otto Marine Limited issued a profit warning recently regarding
the financial results of the company and its subsidiaries for the financial year ended 31
The group is expected to report a loss for the financial year ended 31 December 2011 compared with a profit for the corresponding period in 2010, largely due to, amongst others, the following:
- the volatility in foreign exchange rates of Euro dollar against the US dollar
- reduced revenue from our subsidiary, Reflect Geophysical Pte Ltd, as a result of lower utilization of the seismic vessels operated by Reflect mainly arising from mobilization time
- reversal of profit recognised for the termination of sales contracts as reported in an announcement on the third quarter ended 30 September 2011.
The profit warning is based on a preliminary review of the unaudited financial results of the Group.