Otto Marine's net losses skyrocket 637.2% to $25.1m

Blame it on lower contributions from all segments.

Recently-delisted offshore marine group Otto Marine was on rough seas as it suffered bigger losses in Q2.

According to the group, its losses widened to $25.1 million (US$18.3 million) in the quarter ending in June. It spiked 637.2% from $3.4 million (US$2.5 million).

The group claimed that lower contributions from segments led to the widened losses.

Its external revenue for the shipyard segment decreased by US$13.3 million mainly due to the slowdown in the shipbuilding and fabrication orders, partially offset by an increase in completion of ship repair projects.

Meanwhile, lower utilisation of the vessels led to the decrease of US$11.9 million in shipping and chartering revenue. This has also led to a US$3.8 million decrease in subsea services revenue.

"The persistent challenging market condition, particularly [in] the oil and gas industry, puts continuing pressure on the Group’s performance," Otto said in a statement.

The group joined the fresh roster of delisted companies from the Singapore Exchange just this morning, October 7.

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