SINGAPORE (May 4): Engineering services provider CSE Global has announced $127.2 million worth of new orders for 1QFY2020.
The orders, which came from various industries including oil and gas (O&G), infrastructure, and mining, was a 46.6% increase in new orders from 1Q2019’s $86 million. However, with the current market conditions, CSE isn’t certain how orders for this quarter will pan out eventually.
In a regulatory filing on Monday, the group says that about $87.8 million of new orders were secured by the group’s O&G sector; $25.5 million for its infrastructure sector; and $13.9 million for its mining sector.
As at March 31, CSE Global’s order book came to about $302.7 million, which is up 66.9% from 1Q2019.
“We are pleased with the good order intake for 1Q2020. However, the current market environment still presents numerous uncertainties going forward: COVID-19 pandemic, low oil & gas prices and weak global economic outlook,” says Lim Boon Kheng, group managing director of CSE.
“Though CSE expects to be negatively impacted from these uncertainties in the coming months, the magnitude of the impact on CSE cannot be accurately determined at this point of time,” he adds.
The new orders are not expected to have any material impact on the group’s total net tangible assets per share, or earnings per share for the financial year ending December 31.
CSE Global shares closed 1.5 cents lower, or 3.8% lower, at 38 cents.
