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OFFSHORE support solutions provider Pacific Radiance's second quarter net profit slumped 88 per cent year on year to US$3.84 million, as revenue fell.
Revenue dropped 29 per cent to US$34.78 million largely on the back of lower contributions from its subsea business due to lower utilisation of vessels. This was in line with softer market conditions. Other operating income was also down 86 per cent to US$2.75 million as the corresponding quarter a year ago recorded a gain on sale of vessels.
For the six months, net profit was 91 per cent lower at US$4.74 million while revenue was 27 per cent lower at US$66.32 million. Earnings per share dropped to 0.7 US cent, down from 6.9 US cents a year ago.
"Current market conditions continue to remain challenging and the group expects that the situation is not likely to improve for the rest of the year," Pacific Radiance said. "However, long term fundamentals and prospects remain, and the group will continue with increased intensity of its marketing and business development initiatives, cost management measures and prudent balance sheet management in order to weather this difficult year."