PACC Offshore reports stronger earnings in Q1

AFTER a tough December quarter, offshore and marine services provider PACC Offshore Services Holdings (POSH) reported a net profit of US$4.4 million for the three months ended March 31, 2016.

This also marked an improvement from the year-ago period, when POSH turned in a net profit of just US$21,000.

The better performance was thanks to the higher contribution from its joint ventures, which came in at a profit of US$4.9 million in the first quarter, compared to a loss of US$1.3 million the year before. POSH said this was due mainly to the better performance of its POSH Terasea joint venture.

POSH shares closed Wednesday down 0.5 Singapore cent at 36.5 Singapore cents apiece.