Otto Marine Q3 net falls 13% to US$4.12m

OFFSHORE marine group Otto Marine posted a net profit of US$4.12 million for the third quarter ended Sept 30, 2013, down 13.1 per cent from US$4.74 million a year ago.

Its bottom line was hit by a US$9.8 million fall in "other income" as a result of a reduced gain on disposal of property, plant and equipment, a loss arising from changes in the fair value of foreign exchange forward contracts and other income. But this was partly offset by an increase in net foreign exchange gain.

Revenue rose 5.7 per cent to US$82.89 million from US$78.4 million the previous year, contributed largely by the shipbuilding, ship repairs and conversion, chartering and subsea services segments, and partially offset by the leasing and geophysical segments.