Otto Marine retreats after profit warning

Shares of Otto Marine Holdings fell as much as 7.2% today after the offshore marine group said it expects to report a loss for its third quarter, compared with a profit for the same period a year earlier.

At 10:43 a.m., Otto Marine shares were down 3.6% at $0.134. The broader Straits Times Index was 0.7% lower.

The company said the expected loss is largely due to the volatility in foreign exchange rates of the euro against the US dollar, as well as reduced revenue from its subsidiary as a result of lower vessel utilization.