Impairments pound POSH

Singapore

PACC Offshore Services Holdings (POSH) found itself in the red to the tune of US$149.7 million for the fourth quarter as big impairments amid the onslaught in the offshore marine sector took a heavy toll on its bottom line.

The goodwill impairment of US$127 million and fixed asset impairment of US$21.4 million for the three months ended Dec 31, 2015, more than wiped out the impact of higher revenue and higher gross profit. In Q4 2014, net loss was US$9.95 million.

Excluding impairments, write-offs and disposals, net loss for Q4 2015 was US$2.7 million, against…