Geo Energy?s revenue drops on coal downturn
Thursday, August 13 2015 - 02:05 AM WIB
SGX-listed Geo Energy Resources Ltd said that revenue in the first-half of this year dropped by 64.74 percent to US$12.2 million from $34.6 million in the corresponding period of last year due to lower revenue from coal sales and mining services.
The company said net loss widened to $8.7 million in the first six months of this year from $3.1 million in the same period of last year.
?Continued pressure in coal market contributed to the decrease in our top line,? the company said in a statement Wednesday.
Geo Energy owns PT Bumi Enggang Khatulistiwa (BEK), the Mining Business License (IUP) owner of a 4,570 hectare coal mining concession area in Kutai Barat, East Kalimantan, and subsidiary companies that are responsible for mining, as well as heavy equipment and machinery procurement and rental.
Another subsidiary called PT Sungai Danau Jaya (SDJ) holds a coal mining permit, giving it the exclusive right to mine, process and sell coal from the concession area located at the Sub-District of Angsana and Sungai Loban, Tanah Bumbu Regency, South Kalimantan.
Editing by Reiner Simanjuntak