Company Briefs: CSE Global

CSE Global

CSE Global said its third-quarter net profit more than halved to $4 million from $8.5 million previously.

Revenue for the three months to Sept 30 fell by 21.6 per cent to $81 million, mainly driven by lower revenues across all geographic regions, particularly in the oil and gas sector, resulting from a lack of large greenfield projects.

The group continued to receive new orders from greenfield and brownfield projects during the quarter totalling $70.8 million, bringing the year-to-date orders received to $229 million.

Earnings per share slumped to 0.78 cent from 1.65 cents previously while net asset value per share eased to 45.34 cents against 46.82 cents as at Dec 31.

CSE expects a lower profit for the full year.

Acesian Partners

Acesian Partners' wholly-owned subsidiary, Acesian Star (S), yesterday made an application to the High Court of Singapore to place itself under judicial management.

The date of the hearing for the application is yet to be set by the court.

Last month, Acesian Partners disclosed that Acesian Star was locked in dispute with Takenaka Corporation over subcontract work at Terminal 4 of Changi Airport.

Takenaka awarded a contract to Acesian Star to perform certain works worth $24.4 million in October 2014. However, the value of works done by Acesian Star and various deductions imposed by Takenaka are now in dispute.

This has had a knock-on effect on some of Acesian Star's subcontractors who are in dispute with the subsidiary on the value of works performed and various deductions.

Maxi-Cash Financial Services Corp

Maxi-Cash Financial Services Corp's third-quarter net profit has soared by 226 per cent to $3.3 million. Revenue for the period ended Sept 30 was 28 per cent higher at $41 million, due to higher revenue recorded by both the pawnbroking business and the retail and trading of jewellery and watches business.

Earnings per share rose to 0.56 cent from 0.18 cent before while net asset value per share firmed to 12.37 cents against 11.87 cents as at Dec 31.

Maxi-Cash said the operating environment continues to be challenging, with keen competition, volatile gold prices and weak retail sentiment. It will continue to review its store network and improve operational efficiencies.

A version of this article appeared in the print edition of The Straits Times on November 10, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe