POSH posts US$18.38m Q1 loss

OFFSHORE support vessel (OSV) owner-operator, PACC Offshore Services Holdings (POSH) posted a first quarter net loss of US$18.38 million, reversing from a net profit of US$4.45 million for a year-ago period.

Loss per share was 1.013 US cents compared to earnings per share of 0.246 US cent.

Revenue for the quarter ended March 31, 2017 was US$34.32 million, 42 per cent lower than the previous-year period.

The group had US$11.83 million of cash and cash equivalents as at March 31, 2017. It had US$348.48 million in current liabilities and US$174.47 million in current assets at the end of the January-March quarter.