Banpu Reports 3Q/2011 Result
Banpu Public Company Limited (BANPU) reported its third quarter financial results, posting a 33 per cent increase of net profit compared to the previous quarter due to the better performance of its coal business.
Mr. Chanin Vongkusolkit, Chief Executive Officer of Banpu, said that in the third quarter 2011, the Company reported the total sales revenue of THB 30,685 million, an increase of THB 16,997 million or 124 per cent compared to the same period last year, due to the rising sales volume and average selling price. In the third quarter, Banpu recorded a coal sales volume of 10.94 million tonnes, an increase of 117 per cent from that of 5.05 million tonnes in the same period last year. Meanwhile, the average selling price of its Indonesian coal also went up to USD 98.99 per tonne, 27 per cent higher than the same period last year and 3 per cent up from the second quarter this year. The sale revenue from coal business, accountable for 96 per cent of the total sale revenue, consisted of THB 20,700 million generated from Indonesian coal operations, THB 8,830 million from Australia, and THB 8 million from Thailand respectively. Sales of power and steam from the three combined heat and power (CHP) plants in China and other revenues was THB 1,147 million, an equivalent of 4 per cent of the total sales revenue.
“In the third quarter, the gross profit margin of coal business was 47 per cent as the Indonesian mines reported smooth operations with higher coal sale volumes. In addition, a rising average selling price in Indonesia coupled with a weakening in diesel price by 4 per cent from the previous quarter pushed the gross profit margin of Indonesian coal business up to 51 per cent compared to 50 per cent in the second quarter. The gross profit margin of the Australian coal business climbed to 38 per cent from 28 per cent in the second quarter as the full-scale production of its underground mines contributed to a lower unit cost of production.” said Mr. Chanin.
In the third quarter, Banpu recorded a net profit of THB 4,208 million, declining THB 9,079 million or 68 per cent from the same period last year of which THB 11,692 million was from a divestment of 8.72 per cent share in PT. Indo Tambangraya Megah Tbk (ITM). “If considering only the operational net profit, the Company reported an increase of THB 2,607 million in the third quarter or 163 per cent higher than the same period last year as a result of the better operational performance of our coal business. In addition, when compared to the second quarter this year, the third quarter’s operational net profit recorded an increase of THB 1,047 million or 33 per cent,” added Mr. Chanin.
Banpu Public Company Limited is an energetic Asian energy company managing coal and related businesses in four countries including Thailand, Indonesia, China and Australia. As of 31 September 2011, Banpu assets totaled THB 205,262 million, an increase of 6 per cent compared to 31 December 2010. Total liabilities were THB 124,648 million, an increase of THB 585 million compared to that of 31 December 2010. Net Debt to Equity ratio as of 30 September 2011 was 0.69 times compared to 1.16 times as of 31 December 2010. The Earnings Per Share (EPS) for the third quarter 2011 was reported at THB 15.48 a share, compared to THB 48.89 per share in the same period a year earlier.