It's in the name: Pacific Radiance delivers 68% increase in profits

Due to its strategic renewal fleet programme.

Offshore marine services firm Pacific Radiance Ltd. has reported another strong set of results on the back of higher earnings from the Group’s offshore support services (OSS) division, which enjoyed higher utilisation.

In a release, Pacific Radiance indicated that net profit attributable to equity holders surged 68% to US$50.2 million while revenue rose 17% to US$90.7 million for the six months ended 30 June 2014 (1H FY2014).

Firm demand for its vessels drove up the division’s revenue to US$66.5 million in 1H FY2014, an increase of 28% year-on-year (yoy), while its gross profit increased to US$26.9 million as its gross margin rose to 40%.

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Mr Pang Yoke Min, the Executive Chairman of Pacific Radiance, said: “Our good performance has been achieved through careful execution of our strategic fleet renewal programme – we have added vessels that the market wants, maintaining an expanding fleet profile that reflects the diverse needs of our customers.

“We expect fleet utilisation to remain firm, and we will continue to grow our capacity, building a sturdy business model that will support the growth plans we have put in place. As we steer the company forward, these efforts will keep us on a steady course to establish ourselves as a global offshore support services provider.”

Together with its joint ventures (JVs) and associates in Asia, the Group currently owns and operates more than 130 vessels. To further extend its reach, Pacific Radiance recently formed JVs in Australia and Mexico as well.