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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.

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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.