RECENTLY listed offshore support vessel operator PACC Offshore Services Holdings (POSH) yesterday posted a 76.3 per cent year-on-year increase in first-quarter net profit, driven by the sale of vessels and lower cost of sales.

Net profit rose to US$36.7 million, or 2.47 US cents per share, for the three months ended March 31. No dividend was proposed. Revenue fell 6 per cent to US$52.9 million, due mainly to lower utilisation from the transportation and installation segment and the offshore accommodation segment.

Gross profit rose 28 per cent, as cost of sales slid 16 per cent to US$37.1 million. This was because POSH undertook fewer lump-sum projects in the transportation and installation segment.