Geo Energy H2 net profit rises to US$129.8m on stronger coal prices, proposes final dividend of S$0.05
Add BT as a preferred source
INDONESIAN coal producer Geo Energy Resources RE4 on Thursday (Feb 24) posted a net profit of US$129.8 million (S$175.4 million) for the second half of the fiscal year ended December, up from earnings of US$28.4 million in the corresponding year-ago period.
This brought the group's full-year earnings for FY2021 to US$177.9 million, up 87 per cent from FY2020's earnings of US$94.9 million.
The better performance was due chiefly to stronger coal prices, Geo Energy's chief executive Tung Kum Hon told The Business Times in an exclusive interview. The average Indonesian Coal Index price for 4,200 GAR (gross as received) coal (ICI4) more than doubled to US$65.85 per tonne in 2021 from US$29.29 per tonne in 2020.
TRENDING NOW
Ohmyhome Ltd sells real estate business for token US$1 due to poor business and continued losses
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Buyer for England striker Harry Kane’s former mansion must pay £3.4 million after abandoning deal
EU and Asean at 50: time for bold action
