Golden Energy sees Q1 revenue boosted by coal mining division

INDONESIAN coal mining group Golden Energy and Resources (Gear) reported a sharp jump in net profit attributable to shareholders for the first quarter ended March 31, 2017. Its net profit went up to US$19 million, from US$1.7 million the year before.

The group's revenue increased 48 per cent year on year to US$143.2 million, from US$96.8 million. It said this was due mainly to the increase in revenue from its coal mining division, which was in turn partially offset by a decrease in revenue from its coal trading and forestry divisions.

Gear's earnings per share were 0.35 US cent, up from 0.03 US cent.

Gear's shares closed one Singapore cent lower at 42.5 Singapore cents on Monday.