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POSH foresees loss for Q4 and full year 2015

POSH foresees loss for Q4 and full year 2015
PACC Offshore Services Holdings (POSH) has warned of a net loss for its fourth quarter and full year financial results ending 31 December 2015, due to the depressed offshore market.

“The current depressed state of crude oil prices has had an adverse impact on the global offshore marine industry,” Singapore-listed POSH said.

“As a result of this challenging market condition and the uncertainty when the offshore marine industry will recover, the group carried out a preliminary assessment of the goodwill arising from the acquisition of PSA Marine’s offshore business in 2007,” it said.

The group added that an impairment for part of the goodwill value has to be made, which would lead to a significant adverse impact on the financial results of the group for the fourth quarter and full year 2015, such that it will likely be a loss.

The value of the goodwill impairment, however, is yet to be determined.

“There may be impairment in the company’s investment in certain subsidiaries,” POSH said.

For its third quarter results, POSH reported a profit of $12.58m, down 14% year-on-year.

TAGS: Offshore POSH