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Great Eastern Energy Corp Ltd - Asansol, India-based coal bed methane company - Reports lower profit and revenue in half-year that ended September 30 than a year ago. Pretax profit falls 7.7% to $3.6 million from $3.9 million while revenue decreases 2.2% to $13.1 million from $13.4 million. Price per metric million British thermal unit grows 4.2% to $10.25 from $9.84. Firm expects that price to grow to $12.77 by the end of the current financial year 2023 ending March 31, and to $16.47 by the end of March 2024. Sells 7.60 million standard cubic feet of Indian coal bed methane per day, down 6.1% from 8.09.
Depreciation costs widen 41% to $2.9 million from $2.0 million. For the new financial year starting April 1, the company says it plans to start drilling 144 coal bed methane wells.
Current stock price: 18.01 pence, down 2.7% on Monday
12-month change: down 14%
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