Otto Marine turned around from a $41.9m loss in the first half of 2012, and enjoyed a particularly positive second quarter with a $19.78m net profit this year, compared to a loss of $33.6m in the same period in 2012.
Revenues in the first half of 2013 were $267m, up 31.3% on the $203m reported in the corresponding period in the previous year. The company said improvement in gross profit was primarily driven by shipbuilding, ship repair and conversion and a lower gross loss from its geophysical business.
Looking ahead Otto Marine expects business to remain tough for its shipyard business. “Global economic conditions as well as the general environment of the shipbuilding industry remain challenging. Although, the shipyard is under‐utilised, the Group is selectively increasing its order intake of shipbuilding repair and fabrication project,” the company said.
“On the chartering front, the group will continue to expand its chartering fleet and increase its utilisation rates.”
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