Mixed picture for POSH, Pacific Radiance, FSL Trust

PACC Offshore Services Holdings (POSH) - the most recent offshore & marine (O&M) stock to begin trading on the Singapore Exchange (SGX) - yesterday posted a 57 per cent drop in its second-quarter net profit to US$11.9 million, from US$27.4 million earned in the same period last year.

POSH said this was due to lower operating income, higher expenses and a drop in the share of joint ventures' results.

Asia's largest operator of offshore support vessels (OSVs), which listed in April on SGX, saw its revenue for the three months ended June 30 slide 4 per cent to US$58.3 million, from US$60.6 million last year.