Net profit for the quarter ended 31 March 2014 came up to $17.8m, Singapore-listed Pacific Radiance announced.
Revenue also rose during the quarter by 33% to $42m as the group’s offshore support services arm enjoyed higher utilisation of existing vessels and quick employment of its new larger or higher specification support vessels delivered in the second half of last year.
“We will continue with our fleet rejuvenation and expansion programme where the newbuilds we have in the pipeline are driven by our need to be relevant, reliable and responsive to market trends,” said Pang Yoke Min, executive chairman of Pacific Radiance.
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