Pacific Radiance Addresses SGX-ST Queries on Half-Year Results

MT Newswires08-28

Pacific Radiance (SGX:RXS) has responded to queries from the Singapore Exchange Securities Trading Limited (SGX-ST) about its half-year results for the period ending June 30, according to a Tuesday filing on the Singapore Exchange.

The company explained that the low-interest income of $59,000 is due to a portion of cash being used for working capital and customer advances rather than being fully invested in fixed deposits.

A 47% rise in other liabilities, from $14.4 million to $21.1 million, is attributed to increased accrued operating and tax expenses and advanced billings to customers.

The amounts due from related companies total $13.6 million, while amounts due to related companies are $2.7 million. The related parties include joint ventures and ENAV Radiance. The company has clarified that ENAV Radiance is not classified as an Interested Person under Chapter 9 of the Listing Manual.

Regarding its recent rights issue, the company confirmed that the proceeds were allocated as planned: SG$14.1 million (62%) for vessel acquisitions and reactivations, and SG$8.7 million (38%) for repaying bank borrowings.

Price (SGD): S$0.04, Change: S$+0.0010, Percent Change: +2.33%

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