Otto Marine narrows losses to $3.5m in Q2 by slashing salaries and headcount

Administrative expenses fell considerably.

Otto Marine reported a net loss of $3.5m (US$2.48m) in the second quarter, much smaller compared to its net loss of $18.57m (US$13.27m) in the first quarter.

The group managed to narrow its losses by slashing salaries and reducing staff.

However, the group's revenue dipped due to smaller fleet size and lower charter rates.

Otto Marine cautioned that the oil and gas industry will continue to be buffetted by headwinds in coming quarters.
 

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