Otto Marine posts higher Q3 revenue, but net profit dips

Offshore marine group Otto Marine said on Wednesday that its revenue rose 5.7 per cent for the third quarter over a year ago to US$82.9 million (S$103.6 million), mainly on contributions from its shipbuilding, ship repairs and conversion, chartering and subsea services.

But net profit attributable to shareholders sank 13.1 per cent to US$4.1 million, primarily due to a reduced gain on the disposal of property, plant and equipment, the company said.

Earnings per share was 0.11 US cents for the quarter ended Sep 30, down from 0.15 US cents for the same period last year.

Net asset value per share also decreased to 7.59 US cents as at Sep 30, from 7.86 US cents as at Dec 31 last year.