BH Global Marine, the provider of electrical, instrumentation and telecommunications solution to the marine & offshore and oil & gas industries, has posted a net profit attributable to shareholders of $3.8 million for the three months ended 31 March 2011 (1QFY11), up 25% from the previous corresponding sector (1QFY10).
The group also witnessed 82% y-o-y increase in revenue to $34.9 million in 1QFY11 (1QFY10: $19.2 million) and gross profit rose from $7.3 million in 1QFY10 to $10.2 million in 1QFY11.
BH Global says these were supported by broad-based growth in the group’s three-prong business model: Supply Chain Management, Manufacturing and Engineering Services.
Revenue contribution from Supply Chain Management rose 7% y-o-y to $16.6 million in 1QFY11 primarily due to delivery of a few offshore projects secured in 4QFY10 under the marine cable and equipment sub-segment, which increased by 17% y-o-y to $12 million in 1QFY11.
The Manufacturing business witnessed more orders placed from Middle East this quarter and hence registered an increase in revenue by 34% y-o-y to $4.9 million.
New business segment Engineering Services grew exponentially from $0.1 million in 1QFY10 to $13.4 million in the current period, contributing 38.5% to group revenue in 1QFY11.
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