Pacific Radiance's Q3 operating income plunges 41% to US$7.8m

Gain on sale of vessels sank 44%.

Pacific Radiance revealed in a report that its operating income in Q3 plunged 41% to US$7.8m from 3Q14’s US$13.2m. The company cites that it sold 2 vessels this quarter, which is exactly the same number sold in 3Q14. However, the decline in gain on sale of vessels of 44% to US$6.5m from 3Q14’s US$11.5m caused the dip in operating income.

Operating income plummeted in September to US$12.2m, illustrating a 70% fall from 9M14’s US$40.3m. Pacific Radiance notes that this decrease is also mainly attributable to the decline in gain on sale of vessels of 82% from 9M14’s US$35.2m to US$6.5m in 9M15. Only 4 vessels were sold in Spetember, as opposed to the 8 vessels sold in the same month last year.

Gross profit also tumbled to US$27.7m in September 2015. This reflects a 46% plunge from its gross profit of US$50.9m recorded in September 2014. Meanwhile, 3Q15 gross profit stood at US$7.2m- 30% lower compared to 3Q14’s US$10.2m.

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