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PACC Offshore still in the red despite growth in Q4 revenue

DESPITE a 71 per cent growth in revenue due to its offshore accommodation and offshore supply vessel operations, mainboard-listed offshore marine services provider PACC Offshore Services Holdings (PACC) remained in the red in its fourth quarter.

For the three months ended Dec 31, revenue rose to US$62.7 million from US$36.7 million in the previous year.

PACC's net loss shrank to US$193 million from a net loss of US$345.4 million in the year-ago period, the group said in a Singapore Exchange filing on Tuesday evening.

As a result, loss per share shrank to 10.64 US cents for the fourth quarter, from a loss per share of 19.06 US cents in the year-ago period.

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For FY2017, gross revenue rose by 5 per cent year-on-year to US$192.2 million from US$183.1 million in FY2016 due to higher contributions from most of the company's business segments.

However, the group recorded a net loss in FY2017 of US$230.3 million, primarily on non-cash impairments to goodwill (US$57.1 million) and fixed assets (US$108.3 million) due to depressed market conditions facing the industry.

Net asset value per share dropped to 25.37 US cents as at Dec 31, from 37.98 US cents a year ago.

PACC shares closed S$0.005 or 1.3 per cent lower at S$0.385 on Tuesday before the announcement.