Golden Energy and Resources Q3 profit up 50.2%

INTERNATIONAL coal mining and trading company Golden Energy and Resources reported a 50.2 per cent rise in net profit for the third quarter, as earnings jumped from US$9.9 million to US$14.9 million. This was mainly due to higher revenue from the coal mining and coal trading divisions.

Revenue increased 59.9 per cent to US$286.7 million from US$179.3 million year-on-year.

Higher profit translated to earnings per share of 63 US cents for the three months ended September, up from 42 US cents for the corresponding period a year ago.

The company has declared an interim dividend of 1.39 Singapore cents, higher than 1.01 Singapore cents one year ago.

Executive director and group chief executive officer of Golden Energy and Resources Fuganto Widjaja said in a press statement: "We are glad to have posted strong revenue and profit growth amidst a seasonally weak quarter, which was exacerbated by the ongoing US-China trade tensions. The fundamentals for long-term demand remain robust, and we continued to remain profitable."

The counter was unchanged at 24.5 Singapore cents when markets closed.