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Pacific Radiance posts 68% jump in H1 profit

Pacific Radiance posts 68% jump in H1 profit
Singapore’s Pacific Radiance has delivered a strong rise in net profit in the first half of 2014 due largely to higher revenue from the group’s offshore support services division.

First half net profit jumped 68% to $50.2m compared to $29.84m in the same period of last year.

Revenue rose 17% year-on-year to $90.65m due mainly to higher utilisation of its offshore vessels. Firm demand for its vessels drove up the offshore support services division's revenue to $66.5% in the first half, an increase of 28% year-on-year.

In the second quarter, profit increased by 52% year-on-year to $32.37m while revenue inched up 6% to $48.7m.

“We expect fleet utilisation to remain firm, and we will continue to grow our capacity, building a sturdy business model that will support the growth plans we have put in place,” said Pang Yoke Min, executive chairman of Pacific Radiance.

Looking ahead, Singapore-listed Pacific Radiance remains cautiously optimistic on the outlook for the offshore marine industry over the next 12 months and expects higher growth in the key emerging markets that it ventures into.

The company will continue to actively review its fleet composition and newbuild programme, as well as continue to strengthen operational capabilities.

Together with its joint ventures and associates in Asia, Pacific Radiance currently owns and operates more than 130 vessels. The company has recently formed joint ventures in Australia and Mexico to further extend its global network.

TAGS: Offshore