Cost of sales fell 28% to US$15.1 million from US$21 million a year ago.
SINGAPORE (June 29): Vessel charterer Pacific Radiance announced a loss of US$12.8 million ($17.5 million) for the first quarter ended March, narrowing 13% from its loss of US$14.8 million a year ago on lower costs.
Revenue for 1Q18 fell 16% to US$11.8 million from US$14 million previously, mainly due to lower contributions from the group’s subsea business on the back of lower vessel charter rates, offset in part by improved performance from its offshore support services business.
