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Pacific Radiance narrows Q1 net loss to US$12.8m

PACIFIC Radiance, a provider of integrated offshore marine support services, has posted a first-quarter net loss of US$12.8 million, down lower by 13 per cent than its loss of US$14.8 million for the year-ago period. 

This translated to a loss per share of 1.8 US cents, from a loss per share of 2.1 US cents last year.

For the three months ended March 31, revenue also fell 16 per cent to US$11.8 million, mainly attributed to lower revenue for its Subsea Services business, and lower contribution from its Shipyard segment.

No dividends have been declared for the current financial period, unchanged from the preceding year. 

For the full year ended Dec 31, 2017, the group registered a net loss of US$343.2 million, which included impairment charges of US$272.1 million. 

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Excluding the impact of impairment provisions, the group would have posted a net loss of about US$71.1 million, comparable to the previous year’s US$69.4 million, Pacific Radiance said. 

Revenue for the full year was down 2.5 per cent to US$67.7 million from the previous year. 

Shares in Pacific Radiance have been suspended, and last traded at US$0.076 apiece on Feb 22. 

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