The Singapore-listed offshore vessels builder posted a first quarter net loss of $8.99m as against a net profit of $5.48m in the same period of 2011.
The losses came despite a 35.4% year-on-year increase in revenue to $119.81m from $88.46m. The stronger revenue was contributed primarily by the chartering segment partially offset by the shipbuilding and leasing segment.
“Global economic conditions as well as the general environment of the shipbuilding industry remain challenging. The group will actively grow its shipbuilding order book, focus on the completion of vessels-under-construction as well as seek to strengthen its balance sheet and improve cash flow positions,” Otto said.
“On the chartering front, the group will explore opportunities and continue to grow its chartering fleet.”
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