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CSE Global issues profit warning; new wins in 4QFY2022 brings order book to $478 million

The Edge Singapore
The Edge Singapore • 2 min read
CSE Global issues profit warning; new wins in 4QFY2022 brings order book to $478 million
Photo of Lim Boon Kheng by Albert Chua
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CSE Global warns that its earnings for 2HFY2022 will be "significantly" lower versus both the year earlier's $4.9 million and the preceding 1HFY2022's $4.5 million.

The engineering company attributes the likely drop in earnings to restructuring costs of $1.3 million, where among other issues, two projects were found to have suffered from cost-overruns.

Even so, CSE Global expects to be in the black for the full of FY2022 ended Dec 31 2022, although it warns that business and operations continue to face uncertainties and challenges.

It expects to report its FY2022 numbers on or before Feb 27.

In a separate announcement, CSE Global says it has won new orders of some $220.8 million in 4QFY2022, which brings its total order book to $478 million.

Back in 4QFY2021, the company secured orders worth $131.2 million.

See also: Olam Agri secures US$550 mil revolving credit facility

"The strong growth in orders was mainly attributable to higher orders secured in USA and Singapore, particularly from the infrastructure sector, the company notes.

"Infrastructure remains a key focus area where we are diversifying our business and these wins are a testament to the strength of our strategy," says group managing director Lim Boon Kheng.

"We are encouraged by the strong growth in new orders secured for the Infrastructure sector as our efforts to diversify our business are starting to bear fruit and hopefully, this will translate to higher contributions from this sector going forward," he adds.

CSE Global shares closed Feb 15 at 38 cents, down 1.32%.

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