Otto Marine in the red for Q3

Singapore

SHARPLY lower revenue combined with higher finance costs in the third quarter led Otto Marine to a net loss of US$5.5 million for the three months ended Sept 30, against a net profit of US$2 million a year ago.

Revenue dropped 35 per cent to US$62.97 million. Loss per share stood at 2.58 US cents for Q3, compared with 0.96 US cent earnings per share (after taking into consideration a share consolidation) a year ago.