27 Feb '12, 9pm

CSE Global – FY2011 Review

CSE results wasn’t that much of a shocker given they had already issued a profit warning and FY11 PAT was indeed aligned with the forecast given in its profit warning. Despite experiencing a record plunge in its PAT, I view the result as favourable. Result so was because after factoring in the project overrun cost of S$21.7m, adjusted gross profit is at S$166.2m – only a slight difference from FY10′s sales of S$167.5m. Adjusted gross margin hits 36.4% compared to FY10′s 37.4%. If I add back the cost overrun to PAT, adjusted PAT will be S$49.4m (margin of 10.8%), though it might not be too conservative in …

Full article: http://thefinance.sg/2012/02/27/cse-global-fy2011-review/

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