| Singapore, 10 May 2004 – Mainboard listed CSE Global Ltd recorded an increase in revenue of $17.2 million (44.4%) to $55.8 million in Q1 2004 from $38.6 million in Q1 2003. For the same period, the Group recorded an increase in profit after tax by $1.5 million (49.0%) to $4.4 million in Q1 2004 from $2.9 million in Q1 2003.
The Group's two divisions, Industrial business unit and IT Consulting business unit, contributed $52.8 million (94.6%) and $3.0 million (5.4%) to the revenue and $6.4 million (94.6%) and $0.3 million (5.4%) to the profit before tax, goodwill amortization and minority interest respectively.
The Group’s overseas operation contributed 92.5% for its revenues and 94.1% for its profit before tax, goodwill amortization and minority interest. The contributions by the geographical regions of Asia-Pacific, Europe/Middle East/Africa and The Americas are 32.4%, 22.3% and 45.3% for revenue and 45.1%, 20.1% and 34.8% for profit before tax, goodwill amortization and minority interest respectively.
For Q1 2004, the Group generated an operational cash inflow of $1.3 million. The Group reduced its net gearing to 0.34 times (Q1 2004) from 0.42 times (Q4 2003).
The Group received new orders totaling $36.3 million for Q1 2004 and the outstanding order as at end of Q1 2004 is $73.7 million. For the core Industrial business unit, the outstanding orders increased by 17.1% to $64.4 million (Q1 2004) from $55.0 million (Q1 2003).
The Asia-Pacific region has a strong quarter compared to Q1 2003 as it included the results of Transtel Engineering Pte Ltd ("Transtel") which was acquired in July 2003 and in addition, Transtel recognized the majority of its expected current year's revenue and profit in the current quarter. Based on the current outlook and the existing outstanding orders, the Group expects Q2 2004 to be weaker than Q1 2004, however, the Group remains optimistic that its performance will be better for FY2004 compared to FY2003.
CSE Global Limited is a global system integrator listed on the main board of the Singapore Exchange (SGX: CSE Global), operating in the Americas, Europe, the Middle East, Africa and Asia and has 700 employees spread over 17 offices in 14 countries. CSE provides state-of-the art, cost-effective total integrated industrial automation, information technology and telecommunication solutions to clients globally in the energy (Oil & Gas/Power), chemical/petrochemical, utilities, water and wastewater, healthcare and public sectors. Visit www.cse-global.com for more information.
Contact information
CSE Global Ltd
Lim Boon Kheng @ boonkheng@cse.com.sg.
Tel: 9735-2618
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