In addition, the company enjoyed lower unit production costs.
However, there was a drop in selling prices from around US$55 per tonne to US$47 per tonne now.
"A combination of higher domestic production and warmer weather in China has resulted in softer imports," says Chew.
Meanwhile, the construction of the new 92km US$150 million hauling road and jetty is on track to be completed by the middle of next year.
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This road will help Geo Energy move coal from its mines for export. The road is also leased by neighbouring mines.
"There is strong interest in both the equity and access to this road infrastructure," says Chew.
Noting that earnings and production are tracking ahead of his forecast, Chew is keeping his FY2025 earnings estimate and discounted cash flow basis valuation of 47 cents, even with volatility in coal prices.
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Following a "considerable rebound" in production levels for this year, Chew expects another 50% jump in production by FY2027 with the completion of the road.
Geo Energy shares changed hands at 36 cents as at 9.48 am, down 1.39% thus far today but up 22.41% year to date.
