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BH Global sinks into the red in Q1

BH Global sinks into the red in Q1
Singapore’s BH Global has flipped into the red in the first quarter compared to the year-ago period due mainly to significantly lower gains from other income.

The offshore marine services firm posted a net loss of SGD1.11m ($815,690) as against the profit of SGD4.53m in the same period of last year.

The first quarter revenue went down by 25% year-on-year to SGD12.71m.

BH Global’s results were impacted mainly by a much smaller income from other operations of SGD75,000 during the quarter compared to SGD4.59m in the year-ago period mainly from the gain on disposal of a subsidiary.

“The core business, the supply chain management division, faced difficult market conditions in the past quarter due to the continuing slowdown in the marine and offshore industries,” BH Global stated.

“This has affected the sales and profitability of the division, nevertheless it remained profitable. The group will continue to strengthen its core business in view of the macro headwinds and is working on various initiatives to improve its performance,” it said.

“On its discontinued operations in Batam, the group continues to be in discussion with potential buyers to dispose of the remaining shipyard,” it added.

On the company’s engineering services division, it previously announced that its subsidiary Oil & Gas Solutions (OGS) has initiated creditors’ voluntary liquidation proceedings and the liquidation of OGS remains ongoing.