POSH posts 76.3% increase in Q1 earnings

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 trans…