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CSE Global posts Q2 net profit of S$4.3 million

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.

For the first half of the year, net profit for the process control and communications network system integrator improved to S$10 million, and revenue increased 15.1 per cent to S$184.3 million.

CSE Global reported earnings per share of 0.84 Singapore cent for the quarter and 1.94 cents for the first half of the year, compared with losses of 2.68 cents and 2.10 cents for the corresponding quarter and half of the previous year.

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It declared an interim dividend of 1.25 Singapore cents per ordinary share for the period. This was the same as the dividend for the second quarter of last year.

Shares of CSE Global ended at S$0.445 before results were announced on Monday, down half a Singapore cent or 1.1 per cent.