Otto narrows Q4 loss, ends year in the black

Singapore

OTTO Marine sank to a net loss of US$9.7 million for its fiscal fourth quarter after three quarters of gains, even though it managed to report a net profit for the full year.

The offshore and marine group's net loss for the October-December 2013 period was, however, substantially lower than the net loss of US$66.8 million a year ago. The company said the Q4 results last year were primarily affected by a forex loss of US$4.8 million and the dry docking of vessels which were due for their five-year survey.