You are here

Golden Energy FY17 profit surges 186%

FULL-YEAR net profit for Golden Energy and Resources rose 186.1 per cent to US$62.95 million as revenue almost doubled on robust sales from the group's coal mining and trading divisions.

Earnings per share was 2.68 US cents, up from 1.01 US cents.

Revenue for the 12 months ended Dec 31, 2017, surged 94.2 per cent to hit a record US$763.81 million.

Coal production from the mining division surpassed the group's target to a new high of 15.6 million tonnes for the full year.

Average selling price for the mining division was also higher at US$42.91 per tonne for FY17, up from US$33.8 per tonne for FY16.

Higher coal sales volume and favourable weighted average selling price have likewise bolstered revenue for the coal trading division, which more doubled in FY17.

The group saw its revenue from other businesses halve on lower forestry income, but this was more than offset by the higher turnover from the coal mining and trading divisions.

Cash and cash equivalents stood at US$188.7 million as at Dec 31, 2017, up from US$79.1 million one year ago.

Group CEO and executive director Fuganto Widjaja said that the robust cash position puts the firm "in a strong position for earnings accretive acquisitions" and "strategic investments".

Golden Energy declared a final dividend of one Singapore cent per share.

Golden Energy closed one cent down on Friday, at 39.5 Singapore cents, before the release of its FY17 results.