Otto Marine Limited1, an offshore marine specialist, announced results for the first quarter of financial year ending 31 December 2009. Revenue for the Group increased by 25.2% in 1Q2009 to S$71.7 million from S$57.3 million in the previous corresponding quarter due to an increase in the Group’s shipbuilding business, which saw a growth in the number of vessels constructed, particularly the larger and higher specification vessels. The revenue growth was partially offset by a decrease in revenue from the ship repair and conversion business as the Group shifted its focus away from ship repair and conversion to shipbuilding. Gross profit rose 10.1% to S$15.0 million in 1Q2009 compared to S$13.6 million in 1Q2008 in line with the growth in revenue.