Geo Energy Resources’ Q3 net profit dwindles 39% to $9.3m

The decline was due to lower sales and selling prices as well as finance costs from loans.

Geo Energy Resources posted a net profit of $9.3m (US$7.0m) in Q3 2024, decreasing 39% year-on-year (YoY) from $15.3m (US$11.5m) in Q3 2023.

Revenue for the period also dropped 24% YoY to $112.7m (US$84.3m) whilst gross profit also dropped 11% YoY to $18.7m (US$14.0m) from $21.1m (US$15.8m) a year ago.

The decline was due to lower sales volume and average selling price (ASP), as well as finance costs from the $294m (US$220m) term loan facilities drawn down in October 2023.

The company delivered coal sales of 1.7 million tonnes during the period, down from the 2.2 million tonnes delivered a year ago.

The Average Indonesian Coal Index Price for 4,200 GAR (ICI4) was $69.08 (US$51.64) per tonne in Q3 2024, compared to $69.65 (US$52.07) per tonne in Q3 2023.

Earnings per share stood at $0.0091 (US$0.68).

The company declared a third interim dividend of $0.002 per share.

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