SINGAPORE (May 11): CSE Global saw earnings of $3 million in the first quarter ended March, a 45.5% decrease from earnings of $5.5 million a year ago.
Revenue fell 11.5% to $74.5 million, from $84.2 million in the same quarter last year.
This was mainly attributed to lower revenues achieved in the Americas and Europe, Middle East & Africa (EMEA) regions, mainly a result of delays in orders, particularly in the oil and gas sector.
Cash and cash equivalents stood at $75.8 million as at March 31, 2017.
The group secured two major deepwater offshore oil and gas projects in the Gulf of Mexico valued at approximately $42 million during the quarter, bringing its total outstanding order book to $204.2 million as at end March.
Looking ahead, CSE says it expects its performance to continue to be lacklustre in the next quarter.
However, it adds that it expects to improve on its performance in the second half of 2017, and continue to be profitable with a net cash position at the end of the year.
“CSE will focus on integrating and consolidating the new acquisitions, and will continue to explore acquisition opportunities to support its long term sustainable growth objectives,” says group managing director Lim Boon Kheng.
Shares of CSE Global closed 1 cent lower at 49.5 cents on Thursday.
