E&P Global (01142) released its annual results as of March 31, 2024. The group achieved revenue of HKD 665 million, a decrease of 42.18% compared to the previous year. The attributable net profit of the Company's owner is HKD 107 million, a decrease of 80.57% compared to the previous year. Earnings per share are HKD 0.74.
According to the fiscal year ended March 31, 2024, the group's profit before taxation was approximately HKD 108.66 million (2022: approximately HKD 528.90 million). The main reason for the decrease in profit before taxation was the reversal of impairment losses related to exploration and evaluation assets (related to mining rights in the Group's Russian coal mine No.2) of approximately HKD 142.9 million (2023: approximately HKD 717.5 million). It was offset in part by the amortization of other intangible assets (related to mining rights in the Group's Russian coal mine No.1 and its extension) and there was no amortization recorded in the current year for such amortization that was fully amortized in accordance with the cost model on March 31, 2023 (2023: approximately HKD 176 million).
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