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22-02-2011, 08:42 AM
Business Times - 22 Feb 2011
CSE profit jumps 20% to $52.5m
By NISHA RAMCHANDANI
IT systems integrator CSE Global has reported a net profit jump of some 20 per cent to $52.47 million, while revenue rose 11 per cent to $448 million, for the financial year ended Dec 31, 2010. Earnings per share came to 10.47 cents, up from 9.17 cents.
The company said that it took a hit from the stronger Singapore dollar for FY10.
'At constant currency exchange rate, the FY10 revenue and profit after tax would have grown by 16.2 per cent and 24.9 per cent respectively,' it said in a release to the Singapore Exchange yesterday.
Revenue from the Asia-Pacific region was down nearly 5 per cent at $119.28 million due to lower revenue recorded from projects in China. However, profit (after tax, amortisation and minority interest) from the region was up 25.3 per cent on foreign exchange gains.
Meanwhile, the Americas and Europe/Middle East/Africa accounted for 34.6 per cent and 38.8 per cent respectively of total revenue, and 27 per cent and 41.2 per cent respectively of profit after tax and non-controlling parties.
CSE Global received $490.8 million worth of new orders in FY10 - of which $394.2 million remained outstanding as at Dec 31 last year - which is down 6.4 per cent from the $524.35 million worth of orders received in FY09.
Cash generated from operating activities helped it to repay $50.1 million of bank borrowings and subsequently improve its net gearing to zero per cent as at end FY10, compared to 38.6 per cent as at end FY09.
Its directors have recommended a first and final dividend of four cents per share subject to approval of shareholders at the upcoming annual general meeting on April 20. Once approved, the dividend will be paid out on May 16.
Looking ahead, CSE Global expects the business environment to stay positive.
'Taking into account the outstanding orders as at end of 2010 of $394.2 million . . . CSE is confident of a better performance in FY11 compared with FY10,' it said.
Shares in CSE Global fell seven cents in trading yesterday to close at $1.30.
CSE profit jumps 20% to $52.5m
By NISHA RAMCHANDANI
IT systems integrator CSE Global has reported a net profit jump of some 20 per cent to $52.47 million, while revenue rose 11 per cent to $448 million, for the financial year ended Dec 31, 2010. Earnings per share came to 10.47 cents, up from 9.17 cents.
The company said that it took a hit from the stronger Singapore dollar for FY10.
'At constant currency exchange rate, the FY10 revenue and profit after tax would have grown by 16.2 per cent and 24.9 per cent respectively,' it said in a release to the Singapore Exchange yesterday.
Revenue from the Asia-Pacific region was down nearly 5 per cent at $119.28 million due to lower revenue recorded from projects in China. However, profit (after tax, amortisation and minority interest) from the region was up 25.3 per cent on foreign exchange gains.
Meanwhile, the Americas and Europe/Middle East/Africa accounted for 34.6 per cent and 38.8 per cent respectively of total revenue, and 27 per cent and 41.2 per cent respectively of profit after tax and non-controlling parties.
CSE Global received $490.8 million worth of new orders in FY10 - of which $394.2 million remained outstanding as at Dec 31 last year - which is down 6.4 per cent from the $524.35 million worth of orders received in FY09.
Cash generated from operating activities helped it to repay $50.1 million of bank borrowings and subsequently improve its net gearing to zero per cent as at end FY10, compared to 38.6 per cent as at end FY09.
Its directors have recommended a first and final dividend of four cents per share subject to approval of shareholders at the upcoming annual general meeting on April 20. Once approved, the dividend will be paid out on May 16.
Looking ahead, CSE Global expects the business environment to stay positive.
'Taking into account the outstanding orders as at end of 2010 of $394.2 million . . . CSE is confident of a better performance in FY11 compared with FY10,' it said.
Shares in CSE Global fell seven cents in trading yesterday to close at $1.30.
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