Pacific Radiance’s 2Q earnings went down 88% to US$3.8 million ($5.3 million). Revenue fell 29% to US$34.8 million on the back of lower subsea business revenue.
The group's subsea business recorded quarterly revenue of US$0.4 million, down 97% from a year ago, owing to the lower utilisation of vessels during the period amid softened market conditions.
Offshore support service business slipped 3% to US$32.7 million for the quarter. The group secured new charters in the oil and gas sector during 2Q, which resulted in better performance than 1Q’s US$28.7 million.
Operating income decreased 86% to US$2.7 million. There was a US$18.1 million gain on sale of vessels recorded in 2QFY14.
Pacific Radiance last traded at 38 cents.
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The group's subsea business recorded quarterly revenue of US$0.4 million, down 97% from a year ago, owing to the lower utilisation of vessels during the period amid softened market conditions.
Offshore support service business slipped 3% to US$32.7 million for the quarter. The group secured new charters in the oil and gas sector during 2Q, which resulted in better performance than 1Q’s US$28.7 million.
Operating income decreased 86% to US$2.7 million. There was a US$18.1 million gain on sale of vessels recorded in 2QFY14.
Pacific Radiance last traded at 38 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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