SINGAPORE (Yosefardi) – Otto Marine Limited booked net profit of US$19.78 million in second quarter of this year, compared to loss US$33.61 million in the same period last year.
The company faced a decline profit trend since 2009, then suffered loss of US$52 million in 2011 and the loss widened to US$103 million in 2012.
Revenues jumped 58.7% to US$133.07 million in second quarter of this year from previous US$83.86 million, due to better utilization and charter rates.
In first half of this year, ship chartering & leasing contributed revenue of US$153.7 million while shipbuilding, repair, conversion and fabrication contributed revenue of US$104.6 million.
For Shipbuilding Segment, Otto Marines owns and operates PT. Batamec in Batam, Indonesia, one of the largest yards in Batam occupying land area of 64 hectares.