Pacific Radiance posts Q1 profit of US$17.8m

OFFSHORE and marine services provider Pacific Radiance (Pacific) posted a first-quarter net profit of US$17.8 million, more than double the US$8.5 million a year earlier.

The results were helped by higher revenue, better gross margins and gains from the sale of vessels.

Revenue for the three months ended March 31 rose 33 per cent year-on-year to US$42 million.