Wintermar Offshore Marine has made a poor start to the new financial year with an increases in losses compared to a year ago.

It lost $2.2m in the first three months of 2019, a year-on-year increase of 73%. But it was an improvement on the loss of $17.5m seen in the last quarter of 2018 which included large impairment provisions.

The Jakarta-listed company blamed Indonesia’s presidential elections for its poor performance.