SINGAPORE (Feb 22): PACC Offshore Services Holdings (POSH) on Tuesday reported that 4Q17 losses has narrowed to US$193 million (S$254 million) from US$345 million last year, on lower impairment and loss from joint ventures.

Revenue was 71% higher at US$62.7 million due to lower overseas and spot charters for harbour tugs, which brought gross profit to US$0.8 million, 87% higher y-o-y.

Group share of results from JVs also posted a smaller loss of US$9.7 million in 4Q17 compared to US$15.5 million in 4Q16. This was mainly due to higher impairment of vessels of US$15.5 million in 4Q17 compared to US$12.5 million in 4Q16 last year, offset by higher contribution from POSH Terasea... (Click here to read the full story.)