Pacific Radiance posts Q4 net loss of US$2.6m, cuts dividend

OFFSHORE vessel owner Pacific Radiance reported a net loss of US$2.6 million for its fourth quarter ended Dec 31, 2015, compared to a net profit of US$5.1 million a year ago.

Revenue fell 42 per cent to US$21.7 million from US$37.2 million a year ago.

For the full year, net profit fell 94 per cent to US$3.8 million while revenue fell 29 per cent to US$121.8 million. The revenue decline was mainly due to lower vessel utilisation, a result of significantly weaker market conditions after the oil price crash.

The group declared a final dividend of one Singapore cent a share, down from three cents a year ago.

Pacific Radiance last traded at S$0.29.