CSE Global's Q1 earnings down 12.1%

Technology firm CSE Global posted weaker first quarter earnings on Monday, after delays in projects affected its operations in the Americas.

Net profit for the three months to Mar 31, after discounting revenue from its discontinued operations, came in at $7.5 million, down 12.1 per cent from a year ago.

Revenue was $93.2 million, down 3.5 per cent from $96.6 million in the same period.

Its operations in Asia-Pacific contributed $40.1 million in the first quarter, accounting for 43.1 per cent of its revenue.

Operations in Europe, Middle East and Africa contributed 7.6 per cent of its revenue, while the Americas generated 49.3 per cent.

Earnings per share was 1.46 cents for the first quarter, down from 2.45 cents a year earlier.

Net asset value as at Mar 31 was 39.36 cents, up from 37.42 cents as at Dec 31.

The firm said it received new orders amounting to $73.4 million in the quarter ended Mar 31. At the end of the three month period, it had outstanding orders of $207.4 million.