Net profit during the third quarter fell 45% year-on-year to $10.56m. Revenue, however, rose by 28% to $48.55m due mainly to higher contributions from its subsea business on better utilisation rates and demand for vessels.
In the first nine months of its financial year, Singapore-listed Pacific Radiance registered a profit of $40.4m, up 36% compared to $29.74m in the same period of last year.
Pacific Radiance completed its IPO last week, enjoying a strong reception that saw an oversubscription of its offer shares, which helped the group to raise net proceeds of SGD150.6m ($120.8m).
“With a strengthened balance sheet, we are well-positioned to capture growth opportunities expected to open up ahead,” said Pang Yoke Min, executive chairman of Pacific Radiance.
“These IPO funds will be channelled into growing our presence in targeted high-growth markets of Malaysia, Indonesia, Africa, Australia and Latin America, where E&P budgets are expected to expand rapidly,” he added.
The company owns and operates a fleet of more than 130 offshore support vessels, plus businesses in marine equipment and logistics services.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
