28th Jul 2014 11:26
LONDON (Alliance News) - Great Eastern Energy Corp Ltd Monday said its pretax profit increased in its last financial year, as higher sales volumes as part of an ongoing production ramp-up drove up revenue.
The Indian coal bed methane company said its pretax profit increased 73% to USD13.0 million for the twelve months ended March 31, from USD7.5 million a year earlier.
Revenue increased 18% to USD34.4 million, from USD29.2 million, as sales volumes increased by 25% to 3.33 billion cubic feet of gas compared with 2.68 billion cubic feet of gas.
It added that in the three months following the end of its financial year, sales volumes were 1.28 billion cubic feet, a 39% increase on the same period during the previous year.
Great Eastern Energy also said its net finance costs fell slightly during the year as higher finance expenses were offset by interest and other finance income.
The company said it plans to drive production and further sales growth at its Raniganj Block through an ongoing optimisation process and further drilling.
It added that it is awaiting approvals to start work at its Mannargudi Block and it is expecting improved economic conditions for its industry in India due to the new government in the country.
Great Eastern Energy shares were untraded at 125.00 pence on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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