Pacific Radiance Ltd. posted a net profit of US$4.67 million for the six months ended Jun 30 2026, down 47 per cent year-on-year, as regional conflicts in the Middle East curtailed vessel deployment and lifted operating costs.

The offshore support-vessel and ship-repair specialist’s revenue fell 19 per cent YoY to US$19.82 million. Earnings per share declined to 0.3 US cent from 0.6 US cent a year earlier. The board did not declare an interim dividend.

Segmentally, the ship-management division remained the key earnings engine, generating a pre-tax profit of US$5.98 million, though this was down 0.8 per cent from the prior period on weaker chartering and management activity. The shipyard unit swung to a pre-tax loss of US$1.15 million from a US$1.01 million profit, reflecting an 18 per cent drop in ship-repair revenue to US$8.39 million due to fewer completed jobs and project delays.

Group gross profit contracted 39 per cent to US$7.34 million, weighed by higher operating expenses in the Middle East. Nonetheless, other operating income more than doubled to US$4.27 million, buoyed by a US$2.93 million fair-value gain on warrant liabilities and a US$0.55 million write-back of vessel impairment.

Looking ahead, Pacific Radiance cautioned that ongoing geopolitical tension around the Persian Gulf and Strait of Hormuz could prolong operational risks and cost pressures. Management will continue to prioritise cost control and prudent capital allocation while pursuing growth opportunities in the expanding offshore wind sector, particularly through the deployment of crew-transfer vessels to European projects.