Otto Q3 profit halved on lower one-time gains

Singapore

OFFSHORE marine firm Otto Marine's net profit was about halved from US$4.12 million to US$2.02 million for the third quarter ended Sept 30 as one-time gains saw a sharp drop.

This was despite revenue rising 16.8 per cent to US$96.82 million. Earnings per share worked out to 0.05 US cent, down from 0.11 US cent.

Revenue from its shipyard rose US$4.4 million thanks to the completion of more repairs and fabrication orders. Offshore chartering saw a US$8.8 million rise in revenue on the back of a higher daily charter rate, while revenue from subsea services edged up US$0.8 million as it received another vessel.

Other income slumped 86.4 per cent to US$1.1 million, largely due to a decrease in net foreign exchange difference and a reduced gain on disposal of property, plant and equipment.

The counter closed at S$0.056, down 0.2 cent on Friday.