Great Eastern Energy Corp’s net profit falls to $3 million in H1FY21
India-focused coalbed methane (CBM) explorer Great Eastern Energy Corp Ltd on Wednesday said its profit in April-September period of this fiscal halved as sales got impacted due to COVID-19 lockdown.
Cash profit came in at USD 3 million (around Rs 22 crore) during the period under review, down from USD 6.18 million a year back, the company said in a statement.
Revenue was down to USD 13.14 million from USD 19.21 million.
London-listed GEECL is not obligated to provide quarterly earnings.
It sold 7.26 million standard cubic feet per day of gas in the six months as compared to 10.91 mmscfd.
“Due to COVID-19, there was a national lockdown in India from March 23, 2020, until the end of June 2020, which was thereafter gradually relaxed. This had an adverse impact on sales in H1 FY 2020-2021,” it said.
