Coal miner Golden Energy back in the black for FY2016

INTERNATIONAL coal miner and trader Golden Energy and Resources (Gear) reported on Tuesday that it had pulled itself back into the black for the year ended Dec 31, 2016.

The Sinar Mas-backed company said that its net profit attributable to shareholders was US$21.8 million in FY2016, from a net loss of US$9.4 million the year before.

Its revenue was up 9.3 per cent year on year to US$393.3 million, from US$359.8 million a year ago. It said that this was driven by broad-based growth in revenue contribution across its business divisions, particularly its Coal Mining division.

Its earnings per share was 0.42 US cent in FY2016, from a loss per share of 0.22 US cent in FY2015.

Gear's executive director and group CEO Fuganto Widjaja also said: "With Gear in a net cash position, we are poised for strong organic growth in production from our coal mines, as well as to look at additional strategic acquisitions which would be earnings accretive to the group."

Gear shares finished one Singapore cent down on Tuesday to close at S$0.575.