Pacific Radiance reports sterling FY2013 resultsCompany News // February 26, 2014
Pacific Radiance Ltd in Singapore has reported excellent results for the full year ended 31 December 2013 (FY2013) as its net attributable profit (PATMI) sailed past the US$50 million mark for the first time.
Largely responsible for the US$24.6 million or 76 per cent increase in PATMI to US$56.8 million is the strong turnaround at the group's subsea services arm and pipe logistics operations.
Overall revenue rose 29 per cent to US$168.6 million as the group's fleet of offshore support vessels continued to enjoy heavy utilisation and firm charter rates in FY2013, especially its two diving saturation support vessels (DSVs).
The results also reflect the group's decision to move into subsea inspection, maintenance and repair (IMR) work in late 2011.
The subsea division raked in US$45.2 million in revenue, up 159 per cent, as utilisation of its DSVs improved considerably in FY2013, which enabled it to turn the US$8.3 million loss seen in FY2012 into a US$16.1 million profit.
Mr Pang Yoke Min, the Executive Chairman of Pacific Radiance, said: "Our modern, diverse and integrated fleet has placed us well to meet the wide-ranging needs of
our growing customer base. We are pleased that our decisions to expand the fleet as well as move into IMR and cabotage-protected markets such as Indonesia and Malaysia have resulted in the strong earnings we see today."
The group's share of results from joint venture companies increased by 59 per cent in FY2013, mainly because of expanded operations at PT Logindo Samudramakmur Tbk (PT Logindo) in the high-growth Indonesian market.