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GEAR posts 37.5% lower FY18 earnings of $53 mil despite record revenue

Michelle Zhu
Michelle Zhu3/1/2019 11:53 PM GMT+08  • 2 min read
GEAR posts 37.5% lower FY18 earnings of $53 mil despite record revenue
SINGAPORE (Mar 1): Golden Energy and Resources (GEAR) has announced FY18 earnings of US$39.3 million ($53.2 million), down 37.5% from its FY17 earnings of US$67 million due to higher mining overheads, fuel costs, freight & stockpile expenses, as well as h
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SINGAPORE (Mar 1): Golden Energy and Resources (GEAR) has announced FY18 earnings of US$39.3 million ($53.2 million), down 37.5% from its FY17 earnings of US$67 million due to higher mining overheads, fuel costs, freight & stockpile expenses, as well as higher stripping ratios.

Revenue nonetheless grew 37.3% to a record US$1 billion for FY18, compared to US$763.8 million in the previous year.

The strong topline growth was achieved on the back of higher contributions from the Coal Mining division, where revenue surged 46.1% on-year to US$943.2 million due to higher sales volumes.

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