Otto Marine recorded a third quarter net profit of $4.11m, up 8.4% compared to $3.8m in the previous corresponding period.
Revenue also rose 5.7% year-on-year to $82.89m, primarily contributed by the shipbuilding, ship repairs and conversion, chartering and subsea services, and partially offset by the leasing and geophysical segments.
“Global economic conditions as well as the general environment of the shipbuilding industry remain challenging. The group is selectively increasing its order intake of shipbuilding repair and fabrication project as the yard still has capacity,” the company said in a statement.
“On the chartering front, the group will continue to expand its chartering fleet and increase its utilization rates,” it added.
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