CSE Global secures S$106m in new orders for Q1 FY21

TECHNOLOGY solutions provider CSE Global has secured about S$106.2 million of new orders for the first quarter of 2021, it announced on Thursday.

Of this, some S$56.6 million of new orders were secured by the group's energy sector, compared with S$87.8 million in Q1 FY20.

The lower orders were due to the "slower than expected start for the year, which was further disrupted by the severe winter weather that swept across the US in February 2021, as compared to pre-Covid levels for the corresponding quarter in the previous year", said CSE in a bourse filing.

Meanwhile, new orders for the infrastructure sector increased 50.3 per cent year-on-year (y-o-y) to S$38.3 million, as a result of a stronger pipeline of infrastructure projects, across all key geographies such as Australia, Singapore, UK and the US.

The mining and minerals sector clinched a slightly lower order of S$11.3 million new orders for the quarter, compared with S$13.9 million in the corresponding period last year, which included a greenfield project of S$5.1 million to supply two-way radio equipment and solutions in Australia.

On a quarter-on-quarter basis, CSE's order intake for the first quarter increased 7.9 per cent from Q4 FY20's S$98.4 million.

With the new orders, the group's order book as at end-Q1 FY21 stood at S$231 million.

Lim Boon Kheng, group managing director of CSE, said: "Amid the pandemic and uncertain economic environment, it was encouraging to note that the group had registered a quarter-on-quarter sequential increase in new orders in Q1 2021, traditionally a low season."

He added: "In view of the increasing requirements for digitalisation and enhancements in physical and cyber security by our customers, we will continue to focus our efforts to provide new solutions and innovate our existing solutions in order to remain relevant in our service to them."

Shares of CSE closed flat at S$0.565 on Thursday.