CSE secures S$104.4m in new orders in Q2

CSE Global's business sectors secured S$104.4 million in new orders for Q2 2021, bringing its order book to S$212.1 million as at the end of the quarter.

The total order value was lower than the S$114.9 million secured a year ago due to a lower order intake in the energy segment.

Order intake in that segment fell to S$49.8 million from S$53.8 million due to delays in project awards. The recovery in demand for industrial automation systems and services was also slower than expected, mainly impacted by the disruption from the pandemic and uncertainty in energy prices, said the group.

New orders for the infrastructure sector increased 8.4 per cent to S$41.4 million. There was a growth in orders of radio communication equipment and solutions, mainly driven by customers in Australia's government.

The mining and minerals sector secured S$13.2 million in new orders, up from S$11.3 million in Q1 but down from S$22.8 million a year ago. (see Amendment note)

Group managing director Lim Boon Kheng said: "The rise in new orders for the infrastructure sector shows promise, as more investments for public infrastructure projects are funded to support increasing requirements for digitalisation, automation, and physical and cyber security. We continue to see a steady stream of orders for the mining and minerals sector for the last few quarters, supported by higher commodity prices."

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The counter ended flat at S$0.51 on Monday.

Amendment note: The article has been amended to state that S$11.3 million in orders for the mining and minerals sector was secured in Q1 2021, not Q2 2020.