SINGAPORE (May 9): CSE Global saw its earnings soar 90% to $5.7 million for the 1Q ended March, from $3.0 million a year ago.
1Q18 revenue rose 23.7% to $92.2 million, from $74.5 million a year ago.
This was on the back of broad based growth across all industry segments, with revenue from its Oil and Gas (O&G) and Infrastructure divisions climbing 23.3% and 24.0%, respectively.
As at end March, cash and cash equivalents stood at $43.2 million.
“With the uncertain global economic outlook and low commodity prices, the operating environment remains challenging. The group will continue to support and service its existing installed base or customers as well asexplore available opportunities in the market together with Serba Dinamik,” says Lim Boon Kheng, CSE’s group CEO.
“The group currently has several large projects that will reach billing milestones in 2Q and 3Q of 2018, to which the group is confident of achieving a positive operating cashflow for FY2018,” he adds.
Looking ahead, CSE says it expects its performance to be profitable for the current financial year, and will continue to explore acquisition opportunities to support its long-term sustainable growth objectives.
Shares of CSE Global closed 1 cent higher, or up 2.3%, at 44 cents on Wednesday.
