Geo Energy Resources Limited, an integrated Indonesian coal mining group, generated cash profit of US$22.1 million in second quarter (Q2) this year as revenue increased 176% to US$58.9 million, mainly contributed by its coal mining business as well as the new revenue streams from its coal mining management services. The Indonesian Coal Index for 4,200 GAR coal decreased slightly from an average of US$42.77 per ton in Q1 this year to US$40.12 per ton in Q2. At the same time, the average selling price of coal in Q2 was US$40.11 per ton, an increase of US$0.66 per ton over the US$39.45 per ton in Q1. This resulted in the Group’s coal mining business recording a higher cash profit of an average US$15.24 per ton in Q2 as compared to an average of US$13.16 per ton in Q1 and US$4.50 per tonne in Q2 last year.
