POSH sinks into 2Q net loss of US$17.6 mil

SINGAPORE (Aug 2): PACC Offshore Services Holdings (POSH) sunk into a net loss in the second quarter as low oil prices and overcapacity in the industry hurt business.

For the April to June quarter, POSH posted a net loss of US$17.6 million ($23.6 million), it said in a filing to the stock exchange. It made a profit of US$6.1 million a year ago.

Revenue for the quarter shrunk to US$46.1 million, down from US$71.02 million.

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