CSE Global had just released their FY2011 results tonight. I have compiled together a 7-year historical P&L and Balance Sheet Statement below:

*Sorry for the size, click on it for full view

Some of my thoughts:

• 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 ...