PACC Offshore Services posts US$17.5 million net loss in Q2

A file picture of PACC Offshore Services Holdings (Posh) vessel. PHOTO: PACC
A file picture of PACC Offshore Services Holdings (Posh) vessel. PHOTO: PACC

SINGAPORE - PACC Offshore Services Holdings (POSH) posted a net loss of US$17.5 million (S$23.5 million) in the second quarter, down from a net profit of US$6.1 million a year ago.

Revenue in the three months ended June 30 was US$46.1 million, down 35 per cent from the same period a year ago as takings from its offshore supply vessels, offshore accommodation, as well as transportation and installation business segments all fell sharply.

The offshore marine services provider also recorded a US$3.1 million loss from its share of joint ventures' results, compared to a profit of US$3.3 million in the second quarter last year. The loss was due to an allowance for doubtful debt of POSH Terasea.

The one bright spot was the harbour services and emergency response business, which posted a 16 per cent increase in revenue on improved utilisation from new charters and a higher number of spot jobs for its harbour tugs.

Second quarter loss per share stood at 0.97 US cents, against earnings per share of 0.34 US cents a year earlier.

Net asset value per share was 57.37 US cents as at June 30, down from 58.53 US cents as at Dec 31.

Earnings were posted after trading hours. Shares in POSH closed a cent lower ar 34 cents.