Mounting impairment charges spelled doom for the firm.
A whopping US$148.4m in impairment charges dragged the offshore firm to a net loss of US$149.7m in the fourth quarter.
According to a press release by PACC Offshore, the net loss was significantly higher compared to a net loss of US$10m last quarter.
Meanwhile, excluding impairments write-offs and disposals, net loss was US$2.7m, compared to NLAT of US$8.0m in 4Q14.
On the other hand, the group reported a revenue increase of 29% to US$71.8m due to strong growth in its offshore accommodation and the chartering of three 238-pax light construction vessels.
“Gross profit grew 166% YoY to US$17.2 million in the quarter. Share of joint ventures’ results saw a loss of US$12.4 million,” the press release said.
“The market conditions for 2016 are expected to remain difficult, and we will continue to take proactive action to streamline operations while further sharpening our business strategy to capture new opportunities and markets, particularly in the Middle East,” according to Gerald Seow, chief executive officer of POSH.
Do you know more about this story? Contact us anonymously through this link.