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

IANS  |  Mumbai 

Integrated and exploration company on Tuesday reported a 57.12 per cent rise in its net profit for FY 2018-19.

According to the firm, which currently produces from the Raniganj (South) block in 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 (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.

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 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 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.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 14 2019. 18:46 IST
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