POSH posts net loss of US$5.3m in Q3

Singapore

PACC Offshore Services Holdings (POSH) on Friday posted a net loss of US$5.3 million for the third quarter ended Sept 30, narrowing its loss of US$5.8 million a year ago by 8.6 per cent.

This comes on the back of the group's share of results from joint ventures, which recorded a loss of US$0.8 million, compared to a profit of US$16 million for Q3 FY2017. The high base in Q3FY2017 was due to contribution from the group's POSH Terasea JV, through which it executed and completed major towage and positioning projects.