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PACC Offshore’s 1Q net loss narrows to $9.6 mil on higher revenue and JV profit

PC Lee
PC Lee5/8/2018 07:36 PM GMT+08  • 2 min read
PACC Offshore’s 1Q net loss narrows to $9.6 mil on higher revenue and JV profit
SINGAPORE (May 8): PACC Offshore Services Holdings (POSH), the offshore marine services provider, saw 1Q net losses shrink 61% to US$7.2 million ($9.6 million) from US$18.57 million from a year ago.
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SINGAPORE (May 8): PACC Offshore Services Holdings (POSH), the offshore marine services provider, saw 1Q net losses shrink 61% to US$7.2 million ($9.6 million) from US$18.57 million from a year ago.

For the 1Q18 ended March, POSH more than doubled its revenue to US$70.6 million from a year ago. This was mainly due to higher utilisation for three of its four business divisions: Offshore Supply Vessels (OSV), Offshore Accommodation (OA) and Transportation & Installation (T&I).

Correspondingly, POSH reported a gross profit of US$9.9 million. For share of joint ventures’ results, the Group recorded a profit of US$0.6 million compared to a loss of US$4.8 million in Q1 FY2017, primarily on improved contribution from its POSH Terasea joint venture.

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