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Geo Energy posts 39% drop in 1Q earnings to $12 mil on lower sales and higher finance costs

Samantha Chiew
Samantha Chiew5/14/2018 06:04 PM GMT+08  • 2 min read
Geo Energy posts 39% drop in 1Q earnings to $12 mil on lower sales and higher finance costs
SINGAPORE (May 14): Geo Energy Resources reported 1Q18 earnings ended March fell 39% to US$8.98 million ($12.0 million) from US$14.6 million in 1Q17.
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SINGAPORE (May 14): Geo Energy Resources reported 1Q18 earnings ended March fell 39% to US$8.98 million ($12.0 million) from US$14.6 million in 1Q17.

Revenue for the period fell 9% to US$90.5 million from US$99.3 million last year, bringing 1Q18 gross profit to US$21.9 million, 14% lower than US$25.3 million in 1Q17.

The decrease in revenue was mainly due to slightly lower volume sold during the quarter, as well as absence of sales from coal trading.

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