The group also recorded higher general and administrative expenses and finance costs of US$6.2 million (1HFY2023: US$4.9 million) and US$9.9 million (1HFY2023: US$0.07 million) respectively in 1HFY2024 following the acquisition of PT Golden Eagle Energy Tbk in 2023.
Geo Energy Group announced that its earnings for the 1HFY2024 ended June 30 period dropped by 12% y-o-y to US$26.7 million ($35.7 million) from US$27.1 million a year ago. This brings basic earnings per share to 1.91 cents, 2% lower y-o-y.
This came on the back of revenue dropping by 29% y-o-y to US$169.4 million from US$239.8 million, despite maintaining stable coal sales of 3.2 million tonnes. The revenue decrease was mainly due to lower ICI4 prices averaging at US$56.13 per tonne in 1HFY2024, compared to US$70.46 per tonne in 1HFY2023.
