Meanwhile, the group’s revenue saw a 24% y-o-y decrease to US$84.3 million in 3QFY2024, due to lower coal prices (ICI4) averaging at US$51.64 per tonne, compared to US$52.07 per tonne in 1QFY2023.
Geo Energy Group announced that its net profit for the 3QFY2024 ended Sept 30 period dropped by 39% y-o-y to US$7 million ($9.4 million) from US$11.5 million a year ago.
This came on the back of lower sales volume and average selling prices (ASP), as well as finance costs driven from the group’s term loan facilities of US$220 million, which was drawn down in October 2023.
