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Pacific Radiance in the red in Q4, profit down 95% for 2015

Pacific Radiance in the red in Q4, profit down 95% for 2015
OSV owner and operator Pacific Radiance sank into the red in Q4 and saw its full year profit for 2015 drop by 95%.

In the fourth quarter of 2015 Pacific Radiance reported a net loss of $2.79m against a net profit $6.17m a year earlier. Revenues in Q4 plunged 42% year-on-year to $21.72m.

For the full year result of 2015 Pacific Radiance remained in the black with a $3.68m profit, however this was 95% lower than the $69.42m it made in 2014. Revenues were also down 29% in 2015 at $121.79m.

Pacific Radiance blamed the drop in revenues on lower fleet utilization in both the OSV and subsea sectors, particularly in Q4 when there is a seasonal low.

Pacific Radiance chairman Pang Yoke Min gave a bleak outlook for the offshore marine sector. “We expect market conditions to remain difficult and volatile and these would pressure our results in the next 12 months.”

He added though, “The group is strategically poised to ride through the current downturn, as we continue with our prudent cost and capital management as well as targeted marketing efforts to grow our presence in existing and emerging markets.”