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Pacific Radiance posts 110% jump in profit

Pacific Radiance has posted a strong 110% year-on-year increase in first quarter net profit driven by strong demand for its fleet of offshore support and subsea vessels.

Lee Hong Liang, Asia Correspondent

May 15, 2014

1 Min Read
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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.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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