Golden Energy and Resources shares plunged as much as 3.5 cents, or 9.46% this morning, even though the miner reported record earnings last week.
Despite the record numbers for both the topline and bottomline, the miner does not plan to give a dividend, reasoning, instead, the resources should be channeled to fund new acquisitions.
Golden Energy and Resources has reported earnings of US$171 million for 2HFY2021 ended Dec 2021, up 113.2% y-o-y.
Revenue in the same period was US$1.07 billion, up 32.3% y-o-y, thanks to higher coal prices amid a pandemic-induced supply shortage.
For the whole of FY2021, earnings surged 629% y-o-y to US$251.3 million – its all-time high. Revenue was up 61% to US$1.87 billion, also a record.
As at 9.56 am, GEAR shares traded at 34 cents.
