Vessel disposals save the day for struggling Pacific Radiance
One-offs kept it afloat.
Pacific Radiance's bottom line was saved by US$6.6m in disposal gains from the sale of two vessels in the third quarter.
If not for this hefty gain, the offshore support provider would have barely broken even during the period.
PACRA's core net profit of US$3.5m represented a 74% year-on-year drop, dragged by higher interest costs and lower associates contributions.