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PACC Offshore Services 9M15 Net Profit Slumps 70%
Daily Bulletin | 04 November 2015
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PACC Offshore Services Holdings has announced 9M15 net profit of US$18.7 million, a slump of 70.4 percent from US$63.2 million last year, despite receiving higher revenue in the period under review.

The group recorded revenue of US$209 million, which represents a 17.3 percent improvement from US$178.2 million last year, with the increment mainly due to higher contribution from the offshore accomodation segment of US$43.8 million.

However gross profit decreased 20 percent to US$40.8 million attributed due to lower charter rates and lower fleet utilisation for the offshore supply vessels and transportation & installation segments and higher vessel operating/repair costs.

Coupled with an absence of gain of US$46.5 million received in 9M14, the group only received other operating income of US$8.9 million (9M14: US$56.2 million), further weighing down on the bottom line.

PACC Offshore Services Hldgs  -- -- --   
Business: Operator of offshore support vessels (OSV), with a diversified fleet servicing offshore O&G activities. [FY17 Turnover] OSV (39%), offshore accommodation (42.5%), harbour svcs & emergency response(11.1%), tptn & installation (7.4%).

Insight: Aug-18, 1H18 revenue doubled to US$153.7m due to h... Read More


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