December 2015 saw the board of directors of PACC Offshore Services Holdings Ltd (POSH) issue what it described as "profit guidance" for the unaudited consolidated financial statements for the fourth quarter ending 31 December 2015 and full year ending on the same date, following a preliminary review of its draft unaudited management results. POSH said that "the current depressed state of crude oil prices has had an adverse impact on the global offshore marine industry" and that, "as a result of this challenging market and uncertainty about when the offshore marine industry will recover", the group carried out a preliminary assessment of the goodwill arising from the acquisition of PSA Marine's offshore business in 2007. Pursuant to the said review, the company said it is of the view that an impairment for part of the goodwill value has to be made. "While the value of the goodwill to be impaired is yet to be determined, it is expected that this will have a significant adverse impact on the financial results of the group for the fourth quarter and FY2015, such that it will likely be a loss for the year," said POSH, noting that there may also be impairment in the company's investment in certain subsidiaries. Details of the group's financial performance for the fourth quarter and FY2015 will be disclosed when the company announces its unaudited consolidated financial results for the relevant periods. "In the meantime, shareholders and investors are advised to exercise caution when dealing in the shares of the company," POSH said.
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