Resulting from seasonality and weather conditions, the group saw a decrease in production volume for 1QFY2024, delivering coal sales of 1.8 million tonnes which comprised 1.1 million tonnes, 0.6 million tonnes and 0.1 million tonnes of coal from the TBR, SDJ and TRA coal mines respectively.
Geo Energy has reported a net profit of US$8.7 million ($11.8 million) for the 1QFY2024 ended March 31, 45.6% lower than its net profit of US$16.0 million in the corresponding period the year before.
1QFY2024 revenue fell by 25% y-o-y to US$99.0 million. The drop was largely due to lower coal (ICI4) prices averaging at US$57.23 per tonne in 1QFY2024, compared to US$76.60 per tonne in 1QFY2023.
