Global technology solutions provider, CSE Global, has secured some $106.2 million of new orders for the 1QFY2021.
The group’s Energy sector’s order intake fell 35.5% y-o-y to $56.6 million due to the slower than expected start to the year, and further disrupted by the severe winter weather in the US in February 2021.
The Infrastructure sector improved by 50.3% y-o-y to $38.3 million, due to the stronger pipeline of infrastructure projects across the group’s key geographies including Australia, Singapore, the UK and the US.
The order intake from the Mining & Minerals sector declined by 18.9% y-o-y at $11.3 million. While no reason for the decline was given, the figure included a greenfield project of $5.1 million to supply two-way radio equipment and solutions in Australia.
With the new orders, the group ended the 1QFY2021 with an order book of $231.0 million.
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“Amid the pandemic and uncertain economic environment, it was encouraging to note that the group had registered a quarter-on-quarter sequential increase in new orders in 1QFY2021, traditionally a low season, as compared to 4QFY2020 of $98.4 million,” notes Lim Boon Kheng, group managing director of CSE.
“This was mainly driven by the surge in new orders in the Infrastructure sector, which registered a 50.3% year-on-year growth to $38.3 million. In view of the increasing requirements for digitalization and enhancements in physical and cyber security by our customers, we will continue to focus our efforts to provide new solutions and innovate our existing solutions in order to remain relevant in our service to them,” he adds.
Shares in CSE Global closed flat at 56.5 cents on April 29.
