London-listed coal-bed methane (CBM) producer Great Eastern Energy Corp (GEECL) on Tuesday reported a 57 per cent rise in FY19 net profit at $ 9.93 million on the back of higher sales.
GEECL had posted a net profit of $ 6.32 million in the previous fiscal, the company said in a statement here. Sales rose 7 per cent to 11.48 million standard cubic feet per day from 10.69 mmscfd in FY18. This helped revenue soar to $ 43.64 million from $ 38.75 million.
“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,” GEECL Managing Director & CEO Prashant Modi said. Modi further noted that “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”.
