Offshore vessels shipbuilder Otto Marine warned of a third-quarter net loss when it releases its figures on 11 November, Seatrade Asia online reports. The Singapore-listed company cited reasons due to the volatility in foreign exchange rates of euro dollar against the US dollar, and reduced revenue from its subsidiary Reflect Geophysical because of low utilisation of the seismic vessels.
“The group is expected to report a loss for Q3 compared with a profit for the corresponding period in 2010,” Otto said in a statement issued on Friday. Otto had posted a net loss in the second-quarter of this year.
“The group is expected to report a loss for Q3 compared with a profit for the corresponding period in 2010,” Otto said in a statement issued on Friday. Otto had posted a net loss in the second-quarter of this year.