Pacific Radiance posts jump in earnings on higher fleet demand

SINGAPORE - Higher demand for Pacific Radiance's offshore services support fleet pushed up its second-quarter earnings, the company said on Thursday.

The offshore marine services firm posted a 52 per cent jump in net profit for the second quarter from a year ago to US$32.4 million (S$40.4 million).

This was on the back of better earnings in its offshore support services business, as well as a US$9.3 million increase in its gain on the sale of its vessels.

Revenue for the group rose 6 per cent in the three months to June 30 from the previous year, reaching US$48.7 million.

"Our good performance has been achieved through careful execution of our strategic fleet renewal programme - we have added vessels that the market wants, maintaining an expanding fleet profile that reflects the diverse needs of our customers," said executive chairman Pang Yoke Min.

"We expect fleet utilisation to remain firm, and we will continue to grow our capacity, building a sturdy business model that will support the growth plans we have put in place," he added.

Earnings per share for the first six months of the year was 6.9 US cents, up from 5.4 US cents a year ago.

Net asset value per share was 57.2 US cents as at June 30, higher than the 52 US cents as at Dec 31 last year.