Banpu profit rises 22%

       The coal miner Banpu Plc reported thirdquarter profits of 3.8 billion baht, an increase of 22% from the same period last year.
       Consolidated nine-month net profit jumped 68% from the same period last year to 12.58 billion baht.
       In a statement to the Stock Exchange of Thailand, the company said its thirdquarter revenues fell 3% year-on-year to 13.9 billion baht, due primarily to lower coal prices. Coal sales totalled 12.8 billion baht, down 4% year-on-year and representing 92% of total revenue.
       Coal sales volume in the quarter was 5.31 million tonnes, up 15% year-onyear and up 18% from the previous quarter thanks to increased production at its Indonesian mines. Average selling prices for the quarter were $69.49 per tonne, a decline of 17% year-on-year and 6%quarter-on-quarter due to lower market prices and quality of coal.
       Quarterly profits included a gain of 1.03 billion baht from financial derivatives on coal swaps and 109 million from oil hedging and interest-rate swaps.
       Total reserves at the end of September were 581.37 million tonnes, compared with 588.1 million at the end of June.
       Shares of Banpu closed yesterday on the SET at 448 baht, down two baht.