POSH Q4 loss more than doubles on impairments, revenue fall

Singapore

PACC Offshore Services Holdings (POSH) suffered a massive fourth-quarter net loss of US$345.44 million, more than double the US$149.67 million a year ago, as revenue fell sharply and the group took huge impairments to goodwill and vessels.

Impairment of goodwill was high at US$111.18 million although it was lower than US$127 million a year ago. But impairment on vessels ballooned to US$198.95 million from US$21.44 million.