CSE Global reported 3Q19 net profit climbed 18 percent

CSE Global reported Wednesday its third quarter net profit rose 17.8 percent on-year to S$5.72 million on improvement in core operations, contributions from the Volta acquisitions and gain on the divestment of subsidiary S3ID Group.

Net profit was broadly in line with a forecast from CGS-CIMB.

Revenue for the quarter ended 30 September increased 21.9 percent on-year to S$111.45 million on higher revenue in the Americas and Asia-Pacific region, the company said in a filing to SGX.

“For the Americas region, revenue growth was 21.5 percent year-on-year at S$67.8 million, mainly attributed to higher time and material revenues achieved as well as revenues from the inclusion of newly acquired subsidiaries, Volta, LLC and Volta Properties,” CSE Global said.

“For the Asia-Pacific region, revenue growth was 23.9 percent year-on-year at S$42.1 million, due to higher recognition of revenues of the group’s infrastructure projects in Singapore and Australia,” the filing said.

The third-quarter net profit margin was 5.1 percent, down from 5.3 percent in the year-ago period, the filing said.

CGS-CIMB had forecast revenue at S$105.3 million and core net profit of around S$5.9 million, with a net profit margin of 5.5 percent.

Order intake for the third quareter rose 94.5 percent on-year to S$156.1 million, on new orders from greenfield and brownfield projects and from the Volta acquisitions, CSE Global said.

For the nine-month period, CSE Global reported net profit rose 6.8 percent on-year to S$15.56 million on revenue of S$295.17 million, up 7.7 percent on-year. CGS-CIMB had forecast nine-month revenue of S$292.9 million and core net profit of S$15.5 million.

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