SINGAPORE (Aug 16): KGI has downgraded its “hold” call for Pacific Radiance, with a revised target price of 12 cents.

The downgrade comes as the group reported its third straight quarter of losses in 2Q16, with core net loss coming in at US$15 million ($20 million), and amid concerns over its stretched balance sheet and weak cash flows over the last two quarters.

See: Pacific Radiance sinks into net loss of US$58 mil in 2Q

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