Otto Marine posts US$13m net loss in Q1

OTTO Marine posted a net loss of US$13.2 million in the first quarter ended March 2015, compared with a loss of US$14.4 million a year ago.

Revenue rose 92 per cent to US$148 million from US$77 million, mainly led by the shipyard segment.

Shipyard revenue rose by US$90.6 million as a result of the sale of a substantially completed vessel using the percentage of completion method.

The shipping and chartering business saw a dip in revenue of US$14.9 million, due mainly to lower utilisation and charter rate amid a challenging market condition.

Loss per share stood at 0.31 US cent from a loss of 0.35 US cent previously.