Geo Energy’s earnings for the 1HFY2025 ended June 30 declined 25% y-o-y to US$20.1 million.
This is due to the 1HFY2024 net profit including a one-time gain on sale of rights to receivables, net of tax of US$15.4 million. Excluding this one-time gain on sale in 1HFY2024, the group’s net profit for the period would have grown 76% y-o-y.
The group’s revenue for the period grew 71% y-o-y to US$289.5 million, while gross profit grew 65% y-o-y to US$44.9 million.
Geo Energy’s sales volume grew to 6.3 million tonnes in 1HFY2025 due to improved coal access in 2025. As such, revenue increased by 71% y-o-y despite the lower average selling price of US$46.26 per tonne in 1HFY2025.
The group’s cash profit per tonne for 1HFY2025 declined slightly y-o-y to US$10.19 per tonne.
Geo Energy recognised higher general and administrative expenses of US$9.2 million in 1HFY2025, mainly due to the expansion of its TRA coal mine operations and the acquisition and ongoing development of Marga Bara Jaya (MBJ) integrated infrastructure.
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A higher production volume resulted in depreciation and amortisation expenses increasing to US$19.9 million for the 1HFY2025.
Geo Energy says it is on track to exceed its targeted production volume of 10.5 million to 11.5 million tonnes for 2025.
The board of directors has declared an interim dividend of 0.1 cents per share in 2QFY2025.
Shares in Geo Energy closed 0.5 cents lower or 1.333% down at 37 cents on Aug 13.
