POSH pushes up profit

Singapore’s PACC Offshore Services Holdings (POSH) has posted a much bigger net profit for the first quarter as costs were reduced.

Earnings were $36.67m, up from $20.79m in 2013, while revenue dipped to $52.92m against $56.52m.

Costs were cut to $37.1m, however, compared to $44.17m over the same period.

The revenue drop was mainly down to lower utilisation from its transportation and installation (T&I) and offshore accommodation segments

Supply ship income partly offset this as four new vessels were deployed.

The group, which listed in Singapore earlier this year, has a fleet of 112 ships, including anchor-handlers, supply ships and accommodation vessels.