Pacific Radiance

Pacific Radiance: 1Q14 net profit doubled y/y to US$17.8m, thanks to a gain on sale of vessels and improved gross margin of 40.2% (+12.3 ppt). Revenue grew 33% to US$42m, buoyed by an improvement in utilisation of existing vessels and contribution from new vessels, and an overall improvement in charter rates, but mitigated by lesser projects for the marine equipment business. Utilisation level and charter rates are expected to remain strong, supported by the positive outlook for the O&G indstry. NAV/share of US$0.542.