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CSE Global's Q1 net profit sinks 27.5% to S$5.5m
CSE Global's net profit for the first quarter ended March 31, 2016, sank 27.5 per cent year-on-year to S$5.51 million, as revenue slipped 16.5 per cent to S$84.22 million.
The technology company said the drop in revenue was due to lower revenues achieved in the Asia-Pacific and the Americas regions.
Earnings per share stood at 1.07 Singapore cents - lower than the 1.47 cents reported in the corresponding period a year ago.
No dividend was declared.
Looking ahead, CSE said conditions remain challenging. "Low oil and gas and commodity prices continue to influence investment decisions and customers remain highly focused on cost control," it said.
Even so, it noted that opportunities still exist - both in and outside of the oil and gas sector.
"CSE is confident that it is in a strong position to leverage its core engineering capabilities to win orders in the non-oil and gas sector, specifically in the infrastructure sector in FY2016."