Continue reading this on our app for a better experience

Open in App
Home Capital Results

Geo Energy Resources swings back to profitability in 1Q

PC Lee
PC Lee • 1 min read
Geo Energy Resources swings back to profitability in 1Q
SINGAPORE (May 11): Geo Energy Resources, the Indonesian coal producer, announced 1Q earnings of US$14.6 million ($20.6 million) compared to a loss of US$2.9 million a year ago.
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (May 11): Geo Energy Resources, the Indonesian coal producer, announced 1Q earnings of US$14.6 million ($20.6 million) compared to a loss of US$2.9 million a year ago.

Group revenue surged more than eight-fold to US$99.3 million, mainly driven by the increased volume of coal delivered from the group’s SDJ mine, and higher coal prices.

Coal trading and coal mining management services contributed US$11.7 million and US$0.3 million respectively to 1Q2017’s revenues. Geo Energy did not have any revenues from these two segments in 1Q2016.

The group’s balance sheet remains robust, with cash and bank balances at US$56.6 million.

Tung Kum Hon, Chief Executive Officer of Geo Energy said, “Geo Energy continues to execute on its turnaround and its journey towards becoming one of Indonesia’s top 10 coal producers.

A maiden dividend of $0.01 per share will be paid on May 30.

The counter closed 1 cent higher at 32 cents.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.