Singapore based offshore services specialist Otto Marine Limited has issued a profit warning about the financial results of the company and its subsidiaries for the financial year ended December 31, 2011.
The group is expected to report a loss for the financial year ended 31 December 2011 compared with a profit for the corresponding period in 2010, largely due to, amongst others, the following:
- the volatility in foreign exchange rates of Euro dollar against the US dollar;
- reduced revenue from subsidiary, Reflect Geophysical Pte. Ltd. as a result of lower utilization of the seismic vessels operated by Reflect mainly arising from mobilization time; and
- reversal of profit recognized for the termination of sales contracts as reported in the third quarter financial results.
The profit warning is based on a preliminary review of the unaudited financial results of the group.
The company says it will release its financial results for its full year 2011 on Thursday, February 23, 2012, before trading hours.
January 20, 2012