Geo Energy expects ‘substantial’ rise in Q3 net profit; shares up 9.7%
It projects higher sales volumes, selling prices, logistics cost savings from Indonesian unit Marga Bara Jaya
Singapore-based integrated coal mining group Geo Energy Resources anticipates a "substantial increase" in its third-quarter net profit. This projection is attributed to higher sales volumes, elevated selling prices, and significant logistics cost savings from its Indonesian subsidiary, Marga Bara Jaya (MBJ). The company issued this guidance on Monday, Sep 28, as coal gains traction in Southeast Asia, accounting for 47% of power generation in 2024, up from 37% in 2015.
As a result of this optimism, Geo Energy's shares surged by 9.7%, reaching S$0.62 per share. The firm has also reported progress in negotiations with Swiss private commodities investment company Resource Invest, aiming for a US$1.5 billion stake in MBJ.
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