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Otto Marine narrows Q1 loss as revenue jumps

Otto Marine narrows Q1 loss as revenue jumps
Singapore-listed Otto Marine has narrowed its first quarter net loss over the year-ago period, aided by a jump in revenue.

Otto Marine reported a loss of $13.23m in the quarter ended 31 March 2015 compared to a slightly bigger deficit of $14.38m in the previous corresponding period.

Revenue during the quarter, on the other hand, soared by 91.8% year-on-year to $148.05m due mainly to contributions from the shipyard segment.

The group’s shipping and chartering segments saw a dip in contributions due to lower utilisation and lower charter rates amid the current challenging market condition.

“The persistent challenging market conditions, particularly for the oil and gas industry, puts pressure on the group’s performance. Against such headwind, the group is stepping up its efforts in securing new contracts while concurrently implementing cost cutting measures to remain competitive,” Otto Marine commented.