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POSH narrows Q4 net loss on smaller impairment charges

PACC Offshore Services Holdings (POSH) narrowed its net loss for the fourth quarter on smaller impairment losses on vessels.

The offshore support services firm reported late on Friday that net loss for the three months ended Dec 31, 2018 stood at US$79.99 million, compared to a restated net loss of US$194.9 million for the same period a year ago.

This comes as it booked an impairment loss of US$49.5 million on fixed assets, which is smaller than the US$108.3 million impairment charge booked in the year-ago period. In the fourth quarter of 2017, POSH had also recorded a further US$57.13 million in impairment on goodwill - an impairment that is absent from the fourth quarter of 2018.

POSH recorded a 6 per cent increase in revenue year-on-year to US$65.99 million, reflecting improved contribution from all four business segments.

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POSH said it has noted increased activities in the offshore maintenance segment. That being said, "despite increased activities in offshore construction and maintenance segment, the excessive oversupply situation continues to put pressure on utilisation and charter rates across other vessel classes," it said in its financial statement on Friday.