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.