CSE Global Q3 earnings up 6% at $11.4m

TECHNOLOGY firm CSE Global recorded profit after tax of $11.4 million for its third quarter ended Sept 30, 6 per cent better than the $10.8 million a year earlier.

The profit attributable to equity-holders was higher despite a 6 per cent fall in revenue to $122 million. This was due to higher gross profit margins, which saw cost of goods falling 12 per cent to $82.8 million. The result was a 9 per cent rise in gross profit to $39.2 million.

The lower revenue was attributed mainly to lower revenues from the Americas and the EMEA (Europe, Middle East and Africa) region. However, net margins in these regions improved substantially on the back of the lower level of zero-margin revenue in the Middle East and the higher level of more profitable offshore activity in the Americas.