Global technology solutions provider CSE Global says its business sectors have secured $91.0 million of new orders, compared to $156.1 million secured in 3Q2019.
The lower new orders this quarter is mainly due to the decline in orders from CSE Global’s Oil & Gas and Mining & Minerals segments, mitigated by the increase in Infrastructure.
“The lower orders in Oil & Gas segment was due to the impact of the current oil and gas market environment as well as from a one-time adjustment of order intake in 3Q2019 due to the consolidation of the order book of Volta, which was acquired at end of August 2019,” says the company.
As at Sept 30, CSE Global’s order book remained robust at $267.0 million, a 14.8% y-o-y growth from the previous quarter last year.
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“Amid the pandemic and low oil and gas environment, the 3Q2020 order intake was respectable and in line with our expectations. 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,” says Lim Boon Kheng, group managing director of CSE.
Shares in CSE closed flat at 46 cents on Oct 22.
