14th Jul 2021 14:12
Great Eastern Energy Corp Ltd - Indian coal bed methane company - Reports pretax profit of USD1.9 million for the financial year to March 31, falling sharply from USD6.5 million the year prior. Total revenue falls 27% year-on-year to USD26.3 million from USD36.3 million. Notes earnings before interest, tax, depreciation and amortisation of USD13.7 million, or USD14.3 million on a constant currency basis, compared to USD21.0 million in financial 2020. Dividend not mentioned.
Says, Covid-19 pandemic and lockdown in India effected sales. Also notes that average gas sales prices held up and remained strong through recent financial year.
Says operations continued to grow with gas production up to 15.9 million standard cubic feet per day in June, from a 15.2 million average in financial 2021. Expects final approvals later in the year for its shale exploration program after recently obtaining environmental clearance. Adds, section of the Dhamra pipeline extending to Kolkata likely to be completed by August 2022.
Current stock price: 17.60 pence, up 10% on Wednesday afternoon
Year-to-date change: up sharply from 9.00p
By Scarlett Butler; [email protected]
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