SINGAPORE (July 21): Technology solutions provider CSE Global says it has secured some $114.9 million of new orders in 2Q20, an 8.5% increase from the $105.9 million secured in 2Q19.
The growth in new orders was mainly attributable to the company’s infrastructure and mining & minerals segments, that came in at $38.2 million and $22.8 million, representing a 19.9% and 65.5% y-o-y growth, respectively.
The company’s oil & gas (O&G) sector registered a 10.6% y-o-y decline with $53.8 million of new orders.
As at June 30, CSE Global’s order book stood at $293.8 million, up 56.6% y-o-y from 2Q19.
“Amid the pandemic and low oil and gas environment, the 2Q order intake was commendable,” says Lim Boon Kheng, group managing director of CSE.
“As we have highlighted earlier, the current market environment still presents numerous uncertainties and challenges going forward: COVID-19 pandemic, low oil & gas prices and weak global economic outlook,” he adds.
Shares in CSE Global closed 2 cents higher, or 4.3% up, at 48 cents on Tuesday, prior to the announcement.
