SINGAPORE (Nov 10): Pacific Radiance reported smaller 3Q losses of US$14.4 million ($19.6 million) compared to US$17.8 million a year ago.
Revenue fell 9% to US$17.2 million from US$18.9 million while cost of sales plunged 31% to US$18.8 million.
The decrease was led by a decline in revenue of the Subsea Business of US$2.4 million to US$2.9 million in 3Q17 and Offshore Support Services Business of US$1.0 million to US$12.5 million on lower utilisation and lower charter rates.
This was partially offset by an increase in revenue from its Shipyard Business of US$1.7 million in 3Q17, which started operations in 3Q16.
Pacific Radiance says the offshore market is expected to remain challenging for the next 12 months as charter rates stay low.
Shares in Pacific Radiance closed at 11 cents.
