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    Otto Marine issues profit warning

    Company News // August 13, 2012

    The Board of Directors of Otto Marine Limited have issued a profit warning regarding the financial results of the company and its subsidiaries for the second quarter ended 30 June 2012.

    The group is expected to report a loss for the second quarter ended 30 June 2012,
    largely due to, amongst others, the following:

    (i) lower utilization of the ship yard mainly due to less new orders being secured;
    (ii) losses from its seismic division mainly due to lower utilization of its seismic
    vessel;
    (iii) foreign exchange losses resulting from the net negative movement of EUR
    against US$ and SG$ against US$D; and
    (iv) the potential impairment of its investment in certain investee companies in view
    of their performance and the market conditions.

    "This profit warning is based on a preliminary review of the unaudited financial results of the group. Further details of the groupís performance will be disclosed when the
    company announces its unaudited financial results for the second quarter ended 30
    June 2012 on 14 August 2012," said Otto Marine.

     

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