Pacific Radiance narrows Q4 loss to US$76m

PACIFIC Radiance narrowed its fourth-quarter net loss to US$76 million from a net loss of US$296.5 million a year ago, thanks to lower costs and reduced losses from its joint ventures, the debt-ridden offshore marine group announced on Friday.

For the three months ended Dec 31, revenue fell 22 per cent to S$14.7 million as subsea revenue fell 64 per cent to US$2.6 million while offshore support services revenue grew 4 per cent to US$10.8 million. "The path toward a broad-based sector recovery may continue to encounter setbacks, as geopolitical and trade tensions continue to cloud sentiments across markets and outlook for the next 12 months is far less predictable."

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