The Singapore-listed company booked a net profit for the three months of $6.1m versus the $16.7m seen a year earlier.
Revenue at the 130-vessel strong company was down 12% to $37.2m, while costs rose 25% to almost $34m.
Pacific Radiance said the decrease was mainly attributable to 59% decline in revenue at its subsea business to $5m.
This was attributed to lower utilisation of its dive support vessels (DSVs) as two vessels were drydocked during the quarter.
Pacific
