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Pacific Radiance's 3Q losses narrow to $20 mil; warns of tough charter market ahead

PC Lee
PC Lee11/10/2017 8:11 AM GMT+08  • 1 min read
Pacific Radiance's 3Q losses narrow to $20 mil; warns of tough charter market ahead
SINGAPORE (Nov 10): Pacific Radiance reported smaller 3Q losses of US$14.4 million ($19.6 million) compared to US$17.8 million a year ago.
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SINGAPORE (Nov 10): Pacific Radiance reported smaller 3Q losses of US$14.4 million ($19.6 million) compared to US$17.8 million a year ago.

Revenue fell 9% to US$17.2 million from US$18.9 million while cost of sales plunged 31% to US$18.8 million.

The decrease was led by a decline in revenue of the Subsea Business of US$2.4 million to US$2.9 million in 3Q17 and Offshore Support Services Business of US$1.0 million to US$12.5 million on lower utilisation and lower charter rates.

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