BH Global Marine, the supply chain management company specialising in premium lightings, cables and electrical equipment for the marine and oil & gas industries, has reported a net profit attributable to shareholders of $3 million for the first quarter ended 31 March 2010 (1QFY10), down 12% y-o-y.

Overall revenue declined by 16% from $22.8 million to $19.2 million, mainly due to the lower contribution under the Supply Chain Management segment, which accounted for 80% of total revenue. In response to the recent economic slowdown and slower payments received from some clients, the Group adopted a cautious approach to sales that led to a 27% decrease in sales from two major businesses of Marine cables and accessories as well as Marine lighting equipment and accessories.

Under the Manufacturing segment, revenue increased by a significant 61% due to the full quarter consolidation in 1QFY10 for these business of subsidiaries that were acquired in 1QFY09, namely Z-Power and Sky Holdings. In addition, the group also enjoyed its maiden contribution from the newly-added engineering and installation arm under the Services segment, amounting to $98,000.

In terms of profitability, the group saw an improvement in gross profit margin from 34% to 38% due to the higher average selling price for marine cables following the price trend of copper as compared to FY2009.