CSE Global Limited has reported new orders of $232.3 million for the 1QFY2022 ended March, up 118.8% from the $106.2 million posted in the corresponding period the year before.
The figure was also around 50% of the order intake logged in FY2021.
Of the total amount, a bulk of them came from the group’s infrastructure sector, which rose 187.8% y-o-y to $110.1 million. This was mainly due to a major contract secured to provide engineering solutions for the data-centre market and higher field services orders for the wastewater market in the Americas region.
Stronger orders of radio communication equipment and solutions led by utility and renewables customers in Australia also contributed to the quarter’s order intake.
The group’s energy sector saw an 86.4% y-o-y increase in order intake of $105.5 million. This was mainly due to a major contract relating to the maintenance and refurbishment of building management control systems for an offshore facility and higher orders for integrated systems.
Finally, the mining and minerals sector clinched $16.7 million worth of orders during the 1QFY2022, up 47.4% y-o-y. This was mainly due to an LTE system project that was secured for a mine site in Australia.
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“Building on the increase in new orders in 4QFY2021, we are encouraged by the strong orders received in 1QFY2022, which is [a] testament to our customers’ confidence and trust in our solutions and services. This is all the more commendable in light of the ongoing challenges and volatile macroeconomic environment,” says Lim Boon Kheng, group managing director of CSE Global.
“Due to ongoing supply chain disruptions, the execution of these recent contract wins will be backloaded in [the] later part of 2022 and in 2023. Hence, we expect the revenues associated with these projects to be recognised from the second half of 2022,” he adds.
“Looking ahead, we remain optimistic in navigating the challenges induced by the pandemic, as we expand our engineering capabilities and technology solutions to pursue new market opportunities,” Lim continues.
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As at March 31, the group’s order book stood at $344 million.
Shares in CSE Global closed flat at 46.5 cents on May 9.
