CSE Global posts Q2 net profit of S$4.3m

Singapore

CSE Global's Q2 net profit rose to S$4.3 million for the second quarter ended June 30, from a loss of S$13.8 million a year ago, while Q2 revenue climbed 7.7 per cent to S$92.1 million on the back of higher oil and gas sector revenues in the Americas region, the company reported on Monday.

In the year-ago period, it was reported that provisions of S$16.8 million were made arising from an agreement in July 2017 with the US government to settle the company's potential civil liability for alleged violations of laws regarding US-dollar payments for non-US goods and services lawfully rendered to Iran or persons in there, dragging the group to a loss for Q2 2017.