CSE posts 0.9% rise in first-quarter earnings

SINGAPORE - CSE Global reported a 0.9 per cent rise in first-quarter earnings on Monday.

Net profit for the three months ended March 31 grew to $7.6 million, compared with the $7.5 million in the same period last year.

Revenue rose 13.2 per cent to $105.5 million. This was due to higher revenues achieved in the Americas and the Europe, the Middle East and Africa regions, it said in a statement.

Gross margins improved to 28.5 per cent, over the 27.5 per cent previously.

Earnings per share increased to 1.47 cents from 1.46 cents previously, while net asset value per share stood at 44.21 cents as at March 31, up from 39.36 cents a year earlier.

Group chief executive Lim Boon Kheng noted that the group's order book continues to be "robust" - it secured orders from greenfield and brownfield projects totalling $103.1 million during the quarter - despite the "difficult operating environment".

"With the uncertain global economic outlook and low commodity prices, the operating environment remains challenging.

"However, CSE's strategy to build a diversified and quality customer base has enabled the group to build long-term sustainable growth," said Mr Lim, adding that the group is "well-positioned" to manage its business and capitalise on opportunities available in the market.

CSE Global shares closed unchanged at $0.57 on Monday.