Golden Energy and Resources H1 net profit up 32.4% to US$16.5m

The Business Times | Aug 14, 2020 at 2:00 AM
  • Gear’s coal mining division saw its revenue increase 26.8 per cent to US$574.2 million on the back of higher sales volume of thermal coal, as well as revenue contributions from metallurgical coal, following its acquisition of a controlling stake in Stanmore Coal that was completed on April 2.
  • The company’s coal trading division, however, reported a 62.5 per cent decrease in revenue to US$17.1 million due to lower sales volume and average selling prices.
  • Gear has also further diversified into the gold industry with the acquisition of the Ravenswood Gold mine in Queensland, Australia.