Golden Energy and Resources' profit climbs 76.3% in H1

NET profit for coal miner Golden Energy and Resources rose 76.3 per cent on the year to US$29.1 million for the six months ended June 30, from US$16.5 million previously.

This came as revenue increased by 36.3 per cent to US$806.7 million, from US$592 million in the year-ago period, underpinned by growth in the energy coal segment and metallurgical coal segment.

Earnings per share stood at 1.24 US cents for the first half, up from 0.7 cent in the corresponding period last year.

Mainboard-listed Golden Energy explores, mines and markets metallurgical coal and gold in Australia, as well as energy coal in Indonesia.

The energy coal segment's revenue went up by 27.7 per cent year on year due to higher average selling prices and a slight increase in sales volume.

Golden Energy's executive chairman Fuganto Widjaja said: "As part of the group's strategic decision to gradually reduce its dependence on energy coal, significant progress was made in our previous acquisitions of Stanmore and Ravenswood. This will allow the group to further diversify its production and revenue mix."

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No dividend was recommended for the current financial period, the same as in H1 2020.

Shares in Golden Energy dropped 2.8 per cent or one Singapore cent to close at 34.5 cents on Friday, before the results announcement.