Pacific Radiance narrows Q1 net loss to $17.5m

Pacific Radiance, a provider of integrated offshore marine support services, has posted a first-quarter net loss of US$12.8 million (S$17.5 million), down 13 per cent from its loss of US$14.8 million for the year-ago period.

This translated to a loss per share of 1.8 US cents, from a loss per share of 2.1 US cents last year.

For the three months ended March 31, revenue fell 16 per cent to US$11.8 million, mainly attributed to lower revenue for its Subsea Services business, and lower contribution from its Shipyard segment. No dividends have been declared for the current financial period, unchanged from the preceding year.

For the full year ended Dec 31, 2017, the group registered a net loss of US$343.2 million, which included impairment charges of US$272.1 million.

Excluding the impact of impairment provisions, the group would have posted a net loss of about US$71.1 million, comparable with the previous year's US$69.4 million, Pacific Radiance said.

Revenue for the full year was down 2.5 per cent to US$67.7 million from the previous year.

Shares in Pacific Radiance have been suspended, and last traded at 7.6 US cents on Feb 22.

  • 13%

    Percentage decline in the firm's Q1 net loss from year-ago period.

A version of this article appeared in the print edition of The Straits Times on June 30, 2018, with the headline 'Pacific Radiance narrows Q1 net loss to $17.5m'. Print Edition | Subscribe