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Banpu Reports 1Q/2009 Result Net profit up by rising coal price

Banpu Reports 1Q/2009 Result Net profit up by rising coal price

Banpu Public Company Limited (BANPU) has announced its financial performance for the first quarter of 2009 fiscal year (1 January 2009 – 31 March 2009), recording a net profit of THB 4,798 million, an increase of THB 2,724 million or 131 percent from the same period of last year due to higher coal selling price and a significant increase of equity income from the Chinese coal business.

Mr. Chanin Vongkusolkit, Chief Executive Officer of Banpu Public Company Limited, said the Company’s first quarter result reflected a sound performance of coal and power businesses. Coal business generated a net profit of THB 3,632 million, an increase of THB 2,872 million or 378 percent from the same period last year while power business recorded a net profit of THB 1,166 million, decreasing THB 148 million or 11 percent lower than the first quarter 2008, in which THB 504 million FX gain was recorded.

“The 378 percent higher of net profit from coal business in the first quarter this year was boosted by a rising average selling price of USD 84.23 per tonne this quarter, which increased 71 percent from the same period last year. This was resulted by realization of high selling price contracted since last year when coal price in the world was soaring. A production cost at Indonesian coal mines also decreased due to lower diesel price. In addition, the coal business in China generated a remarkable net income compared to last year resulted by rising selling price in China. In the first quarter 2009, the Company gained an equity income from China’s coal business of THB 1,134 million. Coal sales volume of 4.08 million tonnes, however, dropped 10 percent from the same period last year and 17 percent from the fourth quarter 2008. The decreased sales volume was affected by a week scheduled shutdown for loading capacity expansion at Bontang Coal Terminal in Indonesia, lower production at Indominco and Jorong coal mines and a closure of Thailand’s coal mines at the end of last year,” Mr. Chanin said.

Mr. Chanin added that the power business performed a smooth operation in the first quarter this year. The Company realized THB 923 million equity income from BLCP (including FX loss of THB 93 million),
THB 240 million dividend income from a listed company, and a THB 204 million net profit from Banpu Power Investment (China) Ltd. or BPIC, a subsidiary company operating power business in China.

The Company’s sales revenue in the first quarter 2009 was THB 13,624 million, 58 percent higher than the same period last year. Coal sales revenue, accountable for 91 percent of total sales revenue, was THB 12,343 million, an increase of THB 4,808 million or 64 percent from the same period last year. Sales of power and steam from the three combined heat and power plants in China was THB 1,269 million, accounted for 9 percent of total sales revenue.

“We are expecting sales revenue of this year to grow over 10 percent since coal sales volume from our Indonesian coal mines has increased by 13 percent from last year to 20.5 million tonnes this year and an income from coal business in China will be better as well. Meanwhile, revenue from power business will be stable this year,” said Mr. Chanin

Mr. Chanin said the continued improvement at Bontang Coal Terminal in the second quarter might have an impact on our coal sales volume, however, the selling price for this quarter is still favorable. We expect that the performance of the first and second quarter will be better than the third and fourth quarter this year following the decline selling price.

“Additionally, the achievement of coal production and sales target at 20.5 million tonnes this year will be depending on the risk in coal delivery mostly scheduled in the second half of the year,” he concluded.

Banpu Public Company Limited is an energetic Asian energy company managing two core businesses – coal mining and power generation – in three countries namely Thailand, Indonesia and China. As of 31 March 2009, Banpu’s assets totaled THB 88,841 million, a decrease of THB 521 million compared to those of 31 December 2008. The Company recorded total liabilities of THB 38,684 million, a 12 percent decrease of THB 5,144 million. Its Debt to Equity ratio as of 31 March 2009 was 0.29 compared to 0.36 as of 31 December 2008. Its EPS was THB 17.65 a share, an increase of 131 percent when compared to THB 7.63 a share of the same quarter last year.

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