Canindia News

Great Eastern Energy’s net profit for 2018-19 up 57%

Mumbai, May 14 (IANS) Integrated gas production and exploration company Great Eastern Energy Corporation on Tuesday reported a 57.12 per cent rise in its net profit for FY 2018-19.

According to the firm, which currently produces natural gas from the Raniganj (South) block in West Bengal and has the Mannargudi block in Tamil Nadu, its net profit during the fiscal under review rose to $9.93 million from $6.32 million reported for the previous fiscal.

The London Stock Exchange (LSE) listed company’s revenues during the fiscal under review rose 12.61 per cent to $43.64 million from $38.75 million during 2017-18.

Managing Director and CEO Prashant Modi said: “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,” he said in a statement.

The company said it was also in the process of getting final approvals to begin initial shale gas exploration through core well drilling.

“Subject to the results obtained and analysed from the core wells, we then intend to drill an optimum number of pilot production wells,” the statement said.



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