Otto Marine issues profit warning
If you’re a shareholder, you might want to know that the company and its subsidiaries expect to report a loss for first quarter ended 31 March 2012.
The Board of Directors of Otto Marine Limited cited as one of the primary reasons for the expected loss the volatility in foreign exchange rates of Euro dollar against the US dollar and US dollar against the SGD dollar.
According to Group Chief Financial Officer See Kian Heng, other factors identified were “Reflect Geophysical Pte Ltd going through operational consolidation and re organization and thus resulting in loss mainly attributable to the lower utilization of one of the seismic vessels Reflect Scorpio and demobilizing two chartered seismic vessels back to owners thus resulting in one off demobilization cost."
The profit warning is based on a preliminary review of the unaudited financial results of the Group.