Great Eastern Energy Corporation Ltd. (GEEC.L) posted a wider full-year net loss of $2.75 million, compared with $0.26 million last year. Loss per share widened significantly to $0.047 from $0.005 in the previous year.
Total revenue for the year ended March 31, 2012 grew 76% to $23.72 million from $13.48 million a year earlier. On a constant currency basis total revenue has increased 85% to Rs. 1,137 million.
The company said the growth in revenue and profit was as a result of the significant uplift in gas production and corresponding sales. With existing gas sales contracts / MOUs in place, any increase in production is immediately reflected in enhanced revenue, which in turn falls through to enhanced cash flow.
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