CSE Global's Q2 profit down 35.5% on higher taxes, cost of sales

SINGAPORE - Technology firm CSE Global's net profit for the second quarter plunged 35.5 per cent to $8 million on the back of a 19 per cent hike in the cost of sales to $76.6 million and higher taxes.

Taxes went up 50 per cent to $4.9 million. The higher costs offset a 16 per cent rise in revenue to $108.1 million.

First half net profit declined 38 per cent to $15.6 million, even though revenue rose 6.2 per cent to $201.3 million.

Earnings per share was 1.56 cents in the quarter, down from 2.41 cents.

Net asset value per share was 37.25 cents, down from 47.31 cents previously.