Otto Marine issues profit warningCompany News // February 12, 2013
The Board of Directors of Otto Marine has issued a profit warning 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 2012 largely due to, amongst others, the following:
- losses from its subsidiary Reflect Geophysical Pte Ltd mainly due to low utilization of its seismic vessel
- impairment of investment and provision of doubtful debts owing to its subsidiary, Reflect Geophysical Pte Ltd (following the announcement on 5 February 2013)
- impairment of investment and provision of doubtful debts in an investee company (following the 2QFY2012 results announcement on 14 August 2012); and
- lower utilization of the shipyard mainly due to no new shipbuilding order being secured.
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 financial year ended 31 December 2012 in due course.