Geo Energy Resources said its net profit for the first quarter of 2024 was $11.72m , which was down 46% on a year-on-year basis.
The decrease in prices was coupled with lower production in Q1 due to seasonality and weather conditions, leading to a 25% decline in revenue, which was logged at $133.95m in the first three months. Geo Energy also remained to have a strong cash profit per tonne at an average of $17.84 per tonne, which was also associated with its resilient cost model and optimised mining plan.
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