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Pacific Radiance 2Q losses narrow on cost reduction, fleet rightsizing

PC Lee
PC Lee8/14/2017 08:25 AM GMT+08  • 2 min read
Pacific Radiance 2Q losses narrow on cost reduction, fleet rightsizing
SINGAPORE (Aug 14): Pacific Radiance, the provider of offshore marine support services, reported 2Q losses narrowed 88% to US$7.1 million from US$59.5 million a year ago.
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SINGAPORE (Aug 14): Pacific Radiance, the provider of offshore marine support services, reported 2Q losses narrowed 88% to US$7.1 million from US$59.5 million a year ago.

For the 1H, earnings fell 65% to US$22.2 million from US$64.2 million.

Revenue in 2Q came in at US$17.5 million, 13% lower than a year ago mainly attributable to the decline in revenue of the Offshore Support Services Business of 40% to US$11.3 million in 2Q17 from US$18.9 million in 2Q16 due to lower utilisation and lower charter rates of vessels from its Offshore Support Services Business.

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