POSH sails into loss territory as market conditions worsen

Singapore

A SURGE in expenses coupled with the deterioration of market conditions in the moribund offshore marine sector pushed PACC Offshore Services Holdings (POSH) into the red for the second quarter.

The offshore marine services provider posted a net loss of US$17.5 million for the three months ended June 30, a reversal from the net profit of US$6.1 million it reported for the previous corresponding quarter.