CSE Global's Q4 new orders more than halved to S$98.4m

TECHNOLOGY solutions provider CSE Global has secured S$98.4 million in new orders for Q4 ended December, down from S$230.1 million in new orders bagged in the same period a year ago.

This brings CSE's new orders for FY2020 to S$431.5 million, down from S$578.8 million in FY2019. Its order book stood at S$236.0 million as of end-2020.

About S$63 million of the new orders in Q4 were secured by the oil-and- gas segment, down from the S$189.8 million in orders the segment clinched a year ago. The fall was due to the absence of large greenfield oil-and-gas orders.

This was partly offset by the infrastructure segment, which recorded a 4.6 per cent year-on-year growth in new orders to S$25.3 million, thanks to a steady stream of projects. Order intake for the infrastructure segment in FY2020 grew 21.3 per cent to S$119.3 million, due to higher infrastructure spending in Australia and Singapore.

Meanwhile, the mining segment clinched about S$10 million of new orders in Q4, bringing its total FY2020 new orders to about S$59.1 million, a growth of 22.2 per cent from the prior year.

CSE's group managing director Lim Boon Kheng said: "Though we saw improvement in order intake for Q4, the current market environment still presents numerous uncertainties and challenges going forward: Covid-19 pandemic, low oil and gas prices and weak global economic outlook."

Shares of CSE closed at S$0.50 on Wednesday, down 1.96 per cent.