The Singapore-listed company reported net income of just $2m versus the $4m seen in the corresponding quarter in 2013.

The poor result was despite group revenue increasing by 16.8% to $96.8m as higher revenue was seen across all of its three business segments

“Earnings declined by 50.9% year-on-year, primarily due to a one-off gain from disposal of assets registered in the corresponding quarter last year,” Otto Marine confirmed.

Group