Asia Enterprises Holding, the regional distributor of steel products, today reported net profit soared 226% to $4 million for the 3 months ended 30 June 2010 (2Q10) on the back of an improvement in its profit margins.

The stronger bottom line performance in 2Q10 was achieved despite a 14% decrease in group revenue to $37.1 million, which was the result of slower sales to customers in the construction sector.

Sales to customers in the marine and offshore sectors remained as the dominant contributor to the group’s revenue in 2Q10 with a share of 72%. Sales to the construction sector accounted for 5% of group revenue while sales to the engineering/fabrication sectors and stockists/traders had a contribution of 10% each during 2Q10. The remaining 3% of group revenue came from sales to the manufacturing, precision metal stamping and other industries.

Going forward, Asia Enterprises says the group will ensure it maintains a readily available and wide range of steel products to serve its broad base of customers from diverse industries in the region. This will allow the group to adapt quickly to market changes and capitalise on sectors with relatively firm steel requirements.