PACC Offshore (POSH): Suffered 2Q16 loss on sinking charter & utilisation rates*
-2Q16 net loss US$17.6m (2Q15: US$6.1m profit) - missed expectations
-Revenue US$46.1m (-35%) - lower utilisation and charter rates across all key segments
-Bottom line further hit by higher finance costs and provision for doubtful debts
-Maybank KE noted that POSH has the strongest balance sheet among O&M peers
-Low financing cost of about 2% due to Kuok Group connection - mitigate contagion fears from Swiber
-Maybank KE believes POSH is a highly likely survivor of oil cycle downturn
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