Geo Energy reports higher profit from increased coal production

Geo Energy Resources has reported a 7 per cent rise in second quarter net profit to US$5.1 million (S$6.5 million).

Revenue for the three months to June 30 increased by a quarter to US$32.2 million.

The group benefited from an increase in coal production and sales from its own mining concession.

Its new business activities, mining services and coal trading, had also registered additional revenue.

Earnings per share fell to 0.44 US cent from 0.59 US cent owing to a larger capital base in the current period.

Net asset value per share increased to 11.21 US cents compared to 10.67 US cents as at Dec 31.