Pacific Radiance Q3 net falls 45% to US$10.56m

PACIFIC Radiance, a newly listed provider of integrated offshore marines services, posted a net profit of US$10.56 million for the third quarter ended Sept 30, 2013, a drop of 45 per cent from US$19.1 million a year ago.

Revenue went up 28 per cent to US$48.55 million, from US$37.89 million last year.

The increase was mainly attributable to the Subsea business. The segment recorded an increase in revenue of 108 per cent from US$6.4 million last year to US$13.2 million. The jump was due to improvement in utilisation rates and higher demand for their vessels.