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Pacific Radiance's Q3 net profit surges 24%, on gains from sale of vessels
OFFSHORE marine services firm Pacific Radiance's bottom line received a 24 per cent boost, as the firm posted a US$13.07 million net profit for the third quarter ended Sept 30 due to increased gains from sale of vessels.
This was despite a 9 per cent fall in revenue to US$44.36 million on the back of lower contributions from its subsea business.
The bottom line was bolstered by a 414 per cent surge in other operating income to US$13.22 million mainly due to an increase in gain on sale of vessels, while loss from associates narrowed by 85 per cent to US$343,000.
The group is looking to build up its presence in high-growth and protected markets, and has set up joint ventures in Australia and Mexico.
"The group is cautiously optimistic of delivering steady growth as we focus on executing our strategy over the medium and long term, while staying responsive and aligned to changes in the business environment," said executive chairman Pang Yoke Min.