SINGAPORE - Offshore support solutions provider Pacific Radiance posted an 87 per cent plunge in net profit to US$1.7 million (S$2.4 million) in its third quarter ended Sept 30, from US$13.1 million a year ago.
Revenue fell 24 per cent to US$33.8 million from US$44.4 million previously, mainly due to the lower utilisation of vessels from its subsea and support services businesses as a result of softer market conditions.
The company said it expects depresssed market conditions for the oil & gas sector to continue for at least the next few quarters.
It said in preparation for the "long journey ahead towards market recovery", the group has "intensified prudent balance sheet management and deployed extensive cost management measures."
It will also "continue to plant its marketing and business development seeds in emerging markets in order to build new markets as well as grow existing ones."