Pacific Radiance sinks into net loss of US$58 mil in 2Q

SINGAPORE (Aug 13): Pacific Radiance has reported a net loss of US$57.7 million ($77.7 million) for 2Q16, compared with earnings of US$2.2 million in 2Q16.

For the half year period to June, the group reported net losses of US$64.5 million, as revenue fell 42% to US$38.4 million.

Revenue in the quarter to June fell 42% to US$20 million, as its offshore support services business recorded a 42% decline to US$18.9 million on the back of lower utilisation and lower vessel charter rates.

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