Pacific Radiance Q1 loss widens to US$15.12m

OFFSHORE support vessel (OSV)-focused Pacific Radiance's first-quarter net loss widened to US$15.12 million as revenue fell on lower vessel utilisation and charter rates.

This compared unfavourably against a net loss of US$4.64 million for Q1 FY16.

Loss per share was 2.1 US cents compared to 0.9 US cents.

Revenue was 24 cent lower at US$13.97 million as a decline in the turnover of offshore support services business more than offset an increase for the subsea business.

Net cash outflow from operating activities for Q1 was US$13.14 million.

Cash and bank balances stood at US$23.66 million as at March 31, 2017, compared to US$32.68 million last year.

Pacific Radiance said that improving the group's liquidity position remains a key focus. "We will continue to rightsize our fleet and rationalise costs while pressing on with our marketing efforts."