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Tuesday, 12 May 09
BANPU'S PROFIT DOUBLES TO RECORD AFTER SALES JUMP - BLOOMBERG
 BANPU Pcl, Thailand’s biggest coal producer, reported first-quarter profit more than doubled to a record after higher prices for the fuel boosted sales.
Net income in the three months ended March 31 climbed to 4.8 billion baht ($139 million), or 17.65 baht a share, from 2.07 billion baht, or 7.63 baht a share, a year earlier, the company said today in a filing to the stock exchange. That exceeded the 3.38 billion-baht median profit estimate of 13 analysts surveyed by Bloomberg.
Bangkok-based Banpu, which has mines in China, Indonesia and Thailand, benefited from locking in contracts as prices surged to a record in July.
“Banpu is one of the few companies with solid earnings growth in 2009,” said Avin Sony, an analyst at ABN Amro Securities Co. in Bangkok. “Coal prices are also expected to be robust in the second quarter.”
Banpu’s shares gained as much as 2.3 percent to 318 baht and traded at 316 baht as of 10:14 a.m. local time, heading for its highest close since Sept. 26.
Sales rose 58 percent to 13.6 billion baht, according to Banpu’s statement. Coal shipments dropped 10 percent to 4.08 million metric tons in the quarter as the company closed a port in Indonesia for a week in February for maintenance, it said in separate statement.
Fuel Costs
The company’s average selling price of coal in the period surged 71 percent from a year earlier to $84.23 a ton as it signed forward contracts and increased the proportion of high- quality coal, it said.
Spot prices at Newcastle port in Australia, a benchmark for Asia, touched a record $194.79 a metric ton in July. The weekly price index gained 2.3 percent to $63.70 a ton last week, according to the globalCOAL NEWC index. Banpu gets almost all its coal from Indonesia, where it acquired its first mine in 1997.
The gross profit margin from its coal business widened to 55 percent in the first quarter from 37 percent in the same period last year on higher selling prices and lower fuel costs, the company said. The average diesel price was at 44 U.S. cents in the quarter, 52 percent lower than a year earlier, it said.
The profit increase was achieved by locking in contracts “when coal prices in the world were soaring,” Chief Executive Officer Chanin Vongkusolkit said in an e-mailed statement today. “The production cost at Indonesian coal mines also decreased due to lower diesel prices.”
Coal Swap
The company also booked a gain of 793.6 million baht from “the settlement of coal swap contracts” in the quarter, compared with a loss of 142 million baht from transactions in the same period last year, it said.
Coal sales in 2009 may rise 13 percent from the previous year to 20.5 million tons, Chanin said today, reiterating the forecast he made March 6. About 57 percent of the output this year was sold in advance at an average price of about $72 a ton, little changed from 2008, according to his statement in March.
The profit contribution from units in the first quarter climbed 34 percent to 2.06 billion baht, boosted by its coal business in China, the company said.
Banpu paid $420 million last June to buy the shares it didn’t already own in Asian American Coal Inc., which holds a 56 percent stake in China’s Shanxi Asian American-Daning Energy Co. Shanxi Asian has operated a mine in Shanxi province since 2006 under a 25-year concession. The mine has reserves of 88 million tons and produces 4 million tons a year, Banpu said at the time of the purchase.
Source: http://www.bloomberg.com/apps/news?pid=20601080&sid=aBESbuMUBPMY&refer=asia
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Monday, 23 March 09
STRAITS TO SELL STAKE IN COAL ASSETS TO PTT -THEAUSTRALIAN.NEWS.COM
STRAITS Resources will sell a 60 per cent stake in its Indonesian coal assets to Thailand's PTT International Co. for $US335 million.
The transa ...
Monday, 23 March 09
BMA TAKES 60 PCT CUT IN JAPAN COKING COAL PRICE-CITI - REUTERS
BHP Billiton Mitsubishi Alliance (BMA), the world's top coking coal exporter, has agreed to accept a discount of around 60 percent for the steel-ma ...
Sunday, 22 March 09
SHENHUA ENERGY'S 2009 COAL PRODUCTION MAY GAIN 8% - BLOOMBERG
China Shenhua Energy Co., the nation’s biggest coal producer, may increase production of the energy fuel by about 8 percent this year, slower ...
Friday, 20 March 09
INDONESIA ORDERS TEMPORARY HALT AT BAYAN COAL MINE - REUTERS
Indonesia has ordered a coal mining unit of PT Bayan Resources to temporarily stop production for operating outside approved areas, a government off ...
Friday, 20 March 09
COKING-COAL PRICE STRUCK AT $115-$125, CITIGROUP SAYS - BLOOMBERG
BHP Billiton Ltd., the world’s largest miner, agreed with Nippon Steel Corp. to benchmark coking coal prices of $115 to $125 a metric ton, Cit ...
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- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Intertek Mineral Services - Indonesia
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- Chamber of Mines of South Africa
- Economic Council, Georgia
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- Aboitiz Power Corporation - Philippines
- The University of Queensland
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- Singapore Mercantile Exchange
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- White Energy Company Limited
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- Goldman Sachs - Singapore
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- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
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- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
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- India Bulls Power Limited - India
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- Georgia Ports Authority, United States
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- Wilmar Investment Holdings
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- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
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- Indian Energy Exchange, India
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- Mjunction Services Limited - India
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Videocon Industries ltd - India
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- Australian Coal Association
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- Edison Trading Spa - Italy
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
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- Eastern Coal Council - USA
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- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
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