Pacific Radiance profit jumps 24% in Q3

Mainboard-listed Pacific Radiance reported on Thursday that its net profit for the third of this year rose 24 per cent to US$13.07 million from US$10.56 million in the year-ago quarter.

The provider of integrated offshore marine services said it is on track to post strong earnings for the current financial year, after delivering robust results for the first nine months ended September 30, 2014.

Revenue for the third quarter slipped nine per cent to US$44.36 million from US$48,55 million.

The group's offshore support services division generated 19 per cent growth in revenue to US$98.4 million. This growth was offset partly by lower sales of US$28.4 million at the Subsea division as the group's fleet of diving support vessels underwent drydocking for enhancement works, which also affected overall utilisation.

The group posted a 57 per cent rise in net attributable profit (PATMI) to US$63.3 million for the first nine months of this year compared to the year-ago period, after revenue grew 7 per cent to US$135.0 million.

Executive chairman Pang Yoke Min said: "Our strategy of maintaining a diversified and market-relevant fleet, as well as building our presence in high-growth or cabotage-protected markets, has seen us through various oil and gas cycles.

"As a result, we believe our tested business model positions Pacific Radiance well to ride out the current environment and capture new market opportunities."