Otto Marine issues profit warningCompany 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
(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 groupĺs 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.