SINGAPORE - Mainboard-listed Pacific Radiance plunged into the red in the third quarter on a poorer performance in its offshore support services business.
The offshore marine support services firm reported a net loss of US$18 million for the three months ended Sept 30 - a reversal from the net profit of US$1.7 million in the same period a year earlier.
Revenue sank 44 per cent to US$18.9 million as turnover from the offshore support services business nearly halved to US$13.5 million.
"The decrease in revenue was mainly attributable to lower utilisation and lower charter rates of vessels from our offshore support services business as a result of the softer market conditions in (the third quarter)," Pacific Radiance said in its earnings report on Tuesday, after market close.
Loss per share came in at 11.5 US cents, down from earnings per share of 0.9 US cents previously. Net asset value per share stood at 45.5 US cents as at Sept 30, lower than the 57.3 US cents as at Dec 31 last year.
Shares of Pacific Radiance closed 0.1 cent or 0.6 per cent higher at 15.5 cents on Wednesday.