Offshore accommodation bolsters POSH topline in Q3

But net profit falls 14% to US$12.6m as the year-ago period has a US$11.6m one-time disposal gain

Published Tue, Nov 3, 2015 · 09:50 PM

Singapore

PACC Offshore Services Holdings (POSH) has posted a 20 per cent year-on-year increase in revenue to US$80.4 million for the third quarter on the back of a higher contribution from its offshore accommodation division.

Gross profit grew 6 per cent year-on-year to US$18.4 million and the share of joint ventures' results swung from a US$5.7 million loss to a US$873,000 gain on higher contribution from the POSH Terasea joint venture.

Net profit fell 14 per cent to US$12.6 million from US$14.6 million a year ago, taking into consideration a US$11.6 million one-time gain from vessel disposal for the previous corresponding quarter. Excluding the gain from vessel disposa…

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