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Monday, 20 July 09
BANPU'S SECOND-HALF PROFIT MAY DROP ON COAL PRICES
 Bloomberg Reported that, Banpu Pcl, Thailand’s biggest coal producer, expects profit to decline in the second half from the first six months after the price of the fuel fell because of the global recession and on lower earnings from its power unit.
The company has contracted to sell coal from mines in China, Indonesia and Thailand at “slightly” more than $60 a metric ton on average in the six months to Dec. 31, Chief Executive Officer Chanin Vongkusolkit said in an interview in Bangkok today. That’s about 29 percent lower than $84 a ton in the first quarter. He didn’t give a figure for the April to June period.
Bangkok-based Banpu posted a record quarterly profit in the first three months of 2009 as it benefited from locking in supply contracts when prices surged to a record in July last year. Power-station coal at Australia’s Newcastle port, a benchmark for Asia, has slumped more than 60 percent in a year as the worst recession since World War II sapped energy demand.
“It’s hard to achieve those unprecedented earnings,” Chanin said in his office at Banpu’s headquarters. “Power plants will also need maintenance shutdowns in the second half after running ahead of output projections in the first six months.”
Unit BLCP Power Ltd. plans to shut its 1,400-megawatt plant in Rayong province, 200 kilometers (124 miles) east of Bangkok, for a month later this year, he said.
Banpu has climbed 46 percent this year in Bangkok trading, outpacing the 36 percent gain in Thailand’s benchmark SET Index. The stock was up 2.2 percent at 333 baht at 2:39 p.m. local time.
Profit, Acquisitions
Net income in the first quarter more than doubled from a year earlier to 4.8 billion baht ($141 million). Banpu, due to report earnings on Aug. 10, probably posted a profit of 3.14 billion baht in the second quarter, according to the median estimate of five analysts in a Bloomberg survey. That would bring first-half net income to 7.94 billion baht, an 82 percent increase from a year earlier.
Banpu, which has invested in the power business in countries such as China and Laos, is looking to acquire more coal mines and power plants, Chanin said. The recession offers buying opportunities because owners of unprofitable assets are more willing to negotiate, he said.
“The prices of mines and power plants are more reasonable after surging beyond reality last year,” Chanin said. “The company will swiftly make a decision as soon as there is a viable opportunity.”
Banpu on July 8 lost a bid to DMCI Holdings Inc. for a 600- megawatt coal-fired power plant in a Philippine government auction.
Sales Outlook
The company’s coal sales in 2010 may rise by at least 10 percent from an estimated 20.5 million tons this year on new mines in Indonesia, its biggest production base, and China, he said. Banpu mainly produces coal used in power stations and ships it to customers in Japan, South Korea and Taiwan.
Banpu locked in about 30 percent of next year’s estimated coal output through forward contracts and other derivatives, Chanin said. The average selling price was little changed from an average estimate of $72 a ton for 2008, he said.
Power station coal prices at Australia’s Newcastle port reached a record $194.79 a ton in July 2008 before tumbling to $76.23 a ton in the week ended July 17, according to globalCOAL NEWC Index.
Source: Bloomberg
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Friday, 07 August 09
BALTIC DRY INDEX HAS WORST WEEK SINCE OCTOBER AS DEMAND SLOWS
Bloomberg reported that, The Baltic Dry Index, a measure of shipping costs for commodities, had its worst week since October as Chinese demand for s ...
Friday, 07 August 09
COAL-PRICE FORECAST RAISED AT MERRILL ON CHINA, INDIA DEMAND
Bloomberg reported that, Bank of America Corp.’s Merrill Lynch & Co. unit increased its price forecast for Asian power-station coal becaus ...
Friday, 07 August 09
CHINESE DEMAND FOR FOREIGN COAL SOARS
Mining Weekly reported that, Chinese coal imports rocketed by 126,3%, year-on-year, in the first half of this year, the country’s customs auth ...
Thursday, 06 August 09
RICHARDS BAY COAL SHIPMENTS FELL 3% ON YEAR IN JULY
Bloomberg reported that, Richards Bay Coal Terminal, Africa’s largest coal-export facility, exported 3 percent less of the fuel in July than i ...
Thursday, 06 August 09
NTPC LOOKS TO BYPASS STATE TRADING FIRMS ON COAL IMPORT
A reduced coal import bill for NTPC could lead to lower power tariffs
Live mint.com reported that, India’s largest power generation utility ...
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