- Pacific Radiance (SGX:RXS)'s FY24 adjusted PATMI was below our expectations at 65% due to upfront expenses on the accommodation barge. Revenue met our expectations.
- - Read this at SGinvestors.io -
- The turnaround was evident with 2H24 adjusted PATMI of S$3mil (2H23:-S$0.9mil). We expect a more significant recovery in FY25e when the accommodation barge becomes fully operational and the two CSVs are completed.
- A Pacific Radiance's dividends of 0.05 cents was announced, the first after 9 years.
The Positive
Recovery in all divisions.
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- More OSVs are coming for repairs due to its faster turnaround time. Ship management growth came from charter income from the new workboat and AHTS.
- Listed Indonesian associate Logindo has become profitable by deploying vessels in higher charter rate territories. There was a S$5.5mil writeback in 2H24 due to improved performance.
The Negative
Weaker gross margins.
- Read more at SGinvestors.io.
