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POSH expects difficult year ahead, Q1 profit up

POSH expects difficult year ahead, Q1 profit up
PACC Offshore Services Holdings (POSH) is anticipating to see its financial performance for 2016 get impacted due to the sluggish offshore oil and gas market, even as the group reported a jump in first quarter profit.

POSH noted that the current oversupply situation and continued weakness in crude oil prices will have an unfavourable impact on the offshore oil and gas services sector.

“Consequently, the pressure on charter rates and vessel utilisation is expected to have a negative impact on the group’s financial performance for the year,” the company said.

POSH added that it intends to continue to focus on vessel utilisation, reduce cost and seek opportunities in new markets including the Middle East.

“Market conditions are expected to remain difficult for the rest of 2016. We will continue to execute on our strategy while keeping a tight rein on cost,” said Gerald Seow, ceo of POSH.

Singapore-listed POSH reported a first quarter net profit attributable to shareholders of $4.45m, a surge from the slim profit of $21,000 in the same period of last year.