Delisted Otto Marine's Q2 loss deepens to US$19.1m
OFFSHORE marine company Otto Marine has announced its second quarter results ended June 30, 2016, after a delay in doing so due to its recent privatisation bid.
The company slipped further into the red with a loss of US$19.1 million in Q2 2016, compared with a US$2.7 million loss a year ago. Revenue was down 41 per cent to US$42.2 million compared with US$71.2 million a year ago.
Revenue decreased across its shipyard, shipping and chartering and subsea services segments.
"The persistent challenging market condition, particularly in the oil and gas industry, puts continuing pressure on the group's performance," Otto Marine said.
"The group continues to focus on improving fleet utilisation, while concurrently rationalising its cost structure."
The counter has been delisted as of Friday's market opening, after an offer by its controlling shareholder of S$0.32 a share.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
Stablecoin issuer Tether invests US$200 million in brain-computer interface company
Yahoo to lay off staff in Singapore as it shifts to content curation
US: Wall St opens higher on megacap strength, Fed verdict awaited
IReit Global occupancy rate grows to 91.5% in Q1
Yen surges against US dollar on suspected intervention