Golden Energy sees 'significant improvement' in 1H

This was linked to the higher average selling prices amidst rising coal prices.

The Golden Energy and Resources Limited reported its revenue and earnings in the first half has shown “significant improvement” compared to a year ago, based on its preliminary assessment.

“This is primarily due to the higher average selling prices arising from an increase in coal prices, as reflected in the Indonesian Coal Index 4,” the company announced.

GEAR is still in the process of finalizing its unaudited financial results for the first half. It will release the results on or before 13 August 2021.

In the first half of 2020, the group posted a 40.5% surge in net profit to US$35m, whilst its revenue rose by 18.6% to US$593m.

This was driven by a 32% production growth to 16.5 million tonnes over the same period.

The company recently announced the completion of the acquisition of the Millennium and Mavis Downs Mine, through its subsidiary Stanmore Resources Limited.