Despite higher revenues, net profit declined by 68.2% y-o-y to $4.8 million, mainly impacted by lower gross margins from higher project execution costs and cost overruns, as well as higher operating expenses.
CSE Global (SGX:544
) announced that its FY2022 ended Dec 31, 2022, earnings have declined by 68.2% y-o-y to $4.77 million from $15.0 million a year ago, mainly due to higher operating expenses.
Revenue for the period was higher by 19.0% at $557.7 million from $468.7 million last year. This was mainly due to growth in infrastructure project revenues in Australia and the Americas region.
