BH Global Marine posts 47% rise in 2Q net profit to $4m

BH Global Marine, the provider of electrical, instrumentation and telecommunication solutions to the offshore and oil & gas industries, says net profit for the three months ended 30 June 2011 (2Q2011) grew 47% y-o-y to $4 million.

Group revenue soared 75% y-o-y to $41.1 million in 2Q2011, primarily driven by increase in revenue contribution from Engineering Services Division from $1.3 million in 2Q2010 to $20.9 million in 2Q2011, representing 51% of the group’s total revenue in 2Q2011.

Gross profit for the group improved 61% y-o-y to $12.2 million in 2Q2011. However, change in product mix lowered the group’s gross profit margin to 30% in 2Q2011 as compared to 32% in the previous corresponding period.