BH Global Marine, the group providing electrical products and EIT (Electrical, Instrumentation and Telecommunication) solutions to the Marine & Offshore and Oil & Gas industries, reported a 49% drop in earnings to $2 million for the three months ended 30 June 2012 (2Q2012) from a year ago (2Q2011).
Group revenue declined 32% to $27.9 million in 2Q2012 from last year (2Q2011) largely due to recognition of lesser revenue owing to the near completion of two major projects under Engineering Services business segment.
Revenue contribution from Engineering Services slid down to $7.3 million in 2Q2012 as compared to $20.9 million last quarter.
Underlying core business, Supply Chain Management, remained resilient and recorded steady performance of 5% growth to an aggregate of S$17.1 million in 2Q2012.
Revenue from the Manufacturing segment declined 9% to $3.5 million in 2Q2012 due to decrease from the galvanized steel wire as the division focused on the construction of a steel wire plant in Oman which is scheduled to complete by 1Q2013.
Gross profit was lower at $5.9 million in 2Q2012 as compared to $12.2 million in the previous corresponding period while gross profit margin eased down to 21.2% in 2Q2012. These were in line with lower revenue recorded.
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