Great Eastern Energy Corporation Limited recently announced its full year result for the 12 months ended 31 March 2013.
Online PR News – 24-June-2013 – Mumbai – Great Eastern Energy Corporation Limited recently announced its full year result for the 12 months ended 31 March 2013. The company, led by Mr. Prashant Modi, has marked total revenue of$29.18m. Comparing with the previous year which had total revenue of US$ 23.72m, GEECL has observed an increase in revenue by 23%. This definitely is the good start for the current fiscal year.
Through the annual report, the company revealed that on a constant currency basis total revenue has reached Rs1,589m, which is 40% higher as compared to the total revenue of 2012. Last year, GEECL had earned Rs. 1,137m of total revenue. While considering total revenue, it is essential to have a balanced calculation to know the profits after-tax. Hence, Great Eastern, where Mr. Prashant Modi is the President and Chief Operating Officer, posted pre-mark to market after-tax profits of $10.1m up from $5.41m last time.
In all the aspects, Great Eastern Energy Corporation has shown increased profits and considerable progress. Counting earnings before interest, tax, depreciation and amortisation increased by 31% to US$18.69m while on a constant currency basis EBITDA rose by 48% to Rs1,018m.Mr. Prashant Modi is certainly a happy businessman as his company is constantly showing remarkable growth.
Mr.Prashant Modiexpressed his joy, stating that Great Eastern marked a significant year and the company continues to make excellent progress operationally. He shed some light on the company’s production too. According to him, GEECL has increased reserves and production at Raniganj (South).
Before the company announced its increased revenue, the company was awarded a 25 per cent stake in Oil and Natural Gas Corporation’s (ONGC) Raniganj coal-bed methane (CBM) block in West Bengal. Mr. Prashant Modi said that the award of preferred bidder status by ONGC for this project is an exciting opportunity to build on this success.
Mr. Prashant Modi also shared his thoughts on a corporate level. He revealed that the proposed listing in India is a natural progression in the company's development, and will help boost liquidity and drive future growth.