POSH loses $12.4m in Q2

The drag came from offshore accommodations.

PACC Offshore Services Holdings (POSH) is still struggling to rise after it posted a Q2 loss of $12.4m (US$9.1m), bringing its total H1 loss to $37.4m (US$27.5m).

Company revenue dropped 8% YoY to $57.7m (US$42.4m) whilst gross loss led to $3.7m (US$2.7m), a report by OCBC Investment Research said.

Meanwhile, revenue from offshore supply vessels (OSV) jumped 4% to $27.9m (US$20.5m) with improved utilization of 64%, thanks to more vessels sent out under long-term charters with a Middle East national oil company.

POSH's transportation and installation segments also saw a 8% revenue jump to $5.7m (US$4.2m) with higher utilization of 48%.

OCBC said that poor offshore accommodation resulted in the 24% YoY fall in revenue to $17.3m (US$12.7m) and a gross loss of $5.8m (US$4.3m) for the quarter.