OTTO MARINE LTD 
By (UEN : 197902647M)
(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)
PROFIT WARNING FOR THE FIRST QUARTER ENDED 31 MARCH 2012
The Board of Directors of Otto Marine Limited (the "Company")
wishes to issue a profit warning regarding the financial
results of the Company and its subsidiaries (the "Group") for
the first quarter ended 31 March
2012.
The Group is expected to report a loss for first quarter
ended 31 March 2012, largely due to, amongst others, the
following:
i. the volatility in foreign exchange rates of Euro dollar
against the US dollar and US dollar against the SGD dollar;
and
ii. 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.
This profit warning is based on a preliminary review of the
unaudited financial results of the Group. Further details of
the Group's performance will be disclosed when the Company
announces its unaudited financial results for the first
quarter ended 31 March 2012 in due course.
BY ORDER OF THE BOARD
See Kian Heng
Group Chief Financial Officer
7 May 2012
|
distributed by
|
