Great Eastern Energy Corp Ltd - Asansol, India-based coal bed methane company - Reports lower profit and revenue in half-year that ended September 30 than a year ago. Pretax profit falls 7.7% to USD3.6 million from USD3.9 million while revenue decreases 2.2% to USD13.1 million from USD13.4 million. Price per metric million British thermal unit grows 4.2% to USD10.25 from USD9.84. Firm expects that price to grow to USD12.77 by the end of the current financial year 2023 ending March 31, and to USD16.47 by the end of March 2024. Sells 7.60 million standard cubic feet of Indian coal bed methane per day, down 6.1% from 8.09.
Depreciation costs widen 41% to USD2.9 million from USD2.0 million. For the new financial year starting April 1, the company says it plans to start drilling 144 coal bed methane wells.
Current stock price: 18.01 pence, down 2.7% on Monday
12-month change: down 14%
By Tom Budszus; tombudszus@alliancenews.com
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