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Geo Energy Resources posts 16% increase in 3Q earnings to $11.7 mil on higher revenue

Samantha Chiew
Samantha Chiew11/13/2017 06:47 PM GMT+08  • 2 min read
Geo Energy Resources posts 16% increase in 3Q earnings to $11.7 mil on higher revenue
SINGAPORE (Nov 13): Geo Energy Resources announced that its 3Q17 earnings increased 16% to US$8.6 million ($11.7 million) compared to US$7.44 million in 3Q16.
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SINGAPORE (Nov 13): Geo Energy Resources announced that its 3Q17 earnings increased 16% to US$8.6 million ($11.7 million) compared to US$7.44 million in 3Q16.

Revenue for the quarter was up by 32% to US$74.9 million from US$56.9 million a year ago, mainly due to increased revenue from coal mining as well as revenue from coal mining management services during the period.

The group sold 1.89 million tonnes of coal from the Sungai Danau Jaya (SDJ) mine in 3Q17, compared to 1.81 million tonnes sold in 3Q16, following a slight improvement in weather conditions in the third quarter.

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