Otto Marine Reports Net Loss Of US$15.9 Million For 1H15

Otto Marine announced a 15.9 percent increase in revenue for 1H15, while recording a net loss of US$15.9 million.

Revenue from the shipyard segment increased by US$73.8 million as a result of the sale of a substantially completed vessel.

Despite the higher top line, gross profit fell 43.6 percent due to thin margins, which was further offset by overwhelming expenses and finance costs.

The group is focused on maintaining the vessels utilization amidst challenging charter rates through strengthening its order books and the rationalization of its cost structure.

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