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ENERGY & OFFSHORE | Staff Reporter, Singapore

GEAR rises from loss with $16.4m profit in Q2

It already met 42.9% of its production target for the year.

Golden Energy and Resources (GEAR)’s net profit of minority interest hit $16.4m (US$12m) in Q2, recovering from last year's loss.

According to RHB, GEAR H1 profits hit $42.1m (US$30.8m). The company's coal production volume went up 39.5% YoY to 6.0m tonnes despite the extended monsoon season. The group said it is on track to meet the target of 14m tonnes.

RHB said, "We think its higher coal sales volume in 2H17F should catch up."

GEAR's target is 42.9% of its production target for the year.

The company has an interim cash dividend of 0.8 cents per ordinary share, generating a dividend yield of 2.1%.

Proceeds from a boost in its coal production expanded its net cash position from $39.7m (US$29m) in December to $46.5m (US$34m) in July.

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