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Golden Energy and Resources 1Q earnings increase over 11-fold to $26.5 mil on revenue surge

Michelle Zhu
Michelle Zhu5/15/2017 06:15 PM GMT+08  • 2 min read
Golden Energy and Resources 1Q earnings increase over 11-fold to $26.5 mil on revenue surge
SINGAPORE (May 15): Golden Energy and Resources (GEAR), the coal mining and trading company, posted 1Q earnings of US$19 million ($26.5 million), up more than 11 times from its earnings of US$1.7 million in the previous year on higher revenue and lower
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SINGAPORE (May 15): Golden Energy and Resources (GEAR), the coal mining and trading company, posted 1Q earnings of US$19 million ($26.5 million), up more than 11 times from its earnings of US$1.7 million in the previous year on higher revenue and lower finance costs.

Revenue for the quarter surged 47.9% to US$143.2 million from US$96.8 million previously, mainly due to higher revenue contribution from the group’s coal mining division, which more than doubled to US$129.4 million from US$63.7 million in 1Q16 as average realised selling price grew to US$40.86 per metric tonnes (MT) over the quarter from US$31.53/MT a year ago.

In a Monday filing to the SGX, the group says a better proxy for the majority of its coal quality was the average Indonesia Coal Index 4 in 1Q17, which was US$42.74/MT.

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