POSH Q2 loss falls by about half to US$9.11m

Singapore

PACC Offshore Services Holdings (POSH) slashed its net loss by 48 per cent to US$9.11 million for the second quarter, from US$17.53 million a year ago, in a quarter when revenue fell 8 per cent to US$42.43 million.

The narrower loss of the offshore and marine group, of which Robert Kuok is an anchor shareholder, was helped by a few factors, chief of which was the turnaround in contributions from joint ventures from a negative US$3.12 million a year ago to a positive US$4.65 million for the three months ended June 30, 2017. This followed completion of major towage and positioning projects by the POSH Terasea joint venture.