Technology solutions provider CSE Global has reported that it has secured $98.4 million in new orders for the 4QFY2020, 57.2% lower than the $230.1 million of new orders secured in 4QFY2019.
For the FY2020, the group recorded some $431.5 million in new orders, led by orders in the group’s Oil & Gas segment.
The segment brought in $253.1 million worth of orders in FY2020, compared to $432.1 million in FY2019.
The lower orders were due to the absence of large greenfield oil and gas orders secured in 4Q2019 of about $103.7 million.
The Infrastructure and Mining sectors registered 4.6% and 22.2% growths y-o-y in new orders to $119.3 million and $59.1 million respectively.
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For the latter, the growth was attributable to a “steady stream” of projects.
“Amid the pandemic and low oil and gas environment, the group saw an increase in new orders in 4QFY2020 as compared to 3QFY2020 of $91.0 million,” says CSE’s group managing director Lim Boon Kheng.
“Though we saw improvement in order intake for 4QFY2020, 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.
The group ended 2020 with an order book of $236 million.
Shares in CSE closed 1 cent lower or 2.0% down at 50 cents on Feb 17.
