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GEECL profit moves up to $9.93 mln in FY19

GEECL profit moves up to $9.93 mln in FY19

India Blooms News Service | @indiablooms | 14 May 2019, 04:44 pm

New Delhi, May 14 (UNI) The Great Eastern Energy Corporation (GEECL), leading Indian Coal Bed Methane (CBM) company, on Tuesday posted that its net profit rose to 9.93 million dollars for financial year 2018-19 (FY19) due to improved sales.

The company’s profit after tax was 6.32 million dollars in fiscal year 2017-18, the company announced here.

The CBM company’s revenue for FY19 rose to 43.64 million dollars as compared to 38.75 million dollars in the previous financial year.

GEECL’s overall sales in fiscal year of 2018-19 also grew by 7 per cent to 11.48 mmscfd from 10.69 mmscfd recorded in the last financial year of 2017-18.

The CBM price realization, however, lowered marginally to 10.43 per million dollars british thermal unit (mmbtu) in FY 19 against 10.90 per million dollars mmbtu in FY18.

Its cash profit also jumped to 15.61 million dollars in this fiscal year as compared to 11.01 million dollars in previous financial year.

With the improved sales, the company’s net debt came down to 69.61 million dollars in FY19 against 86.80 million dollars in fiscal year 2017-18.

The company’s CBM production in FY19 lowered and stood at 16.70 million standard cubic feet per day (mmscfd) against 19.61 mmscfd in FY 18.

"The revenues and sales volume continue to show good growth. We have a focused plan of further optimising production, as well as pursuing further exploration. With the continued growth of the Indian economy and stable government policies, demand for hydrocarbons in India continues to grow which is evident from the rising imports,” said GEECL managing director and chief executive officer Prashant Modi. 

GEECL profit moves up to $9.93 mln in FY19

India Blooms News Service
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