Otto Marine posts full-year net loss of $67.7m

Otto Marine has sunk into the red in the fiscal year ended Dec 31, 2011 with a net loss of $67.67 million from a profit of $40.65 million a year ago.

Turnover for the year was $520.81 million, a 10.2% fall from $579.87 million a year ago.

The offshore marine group said the decrease in gross profit was due to the fall in revenue, as well as the reversal of profits from the cancellation of two vessels.

No dividends have been declared planned.