Banpu”s Q3 Net Profit increases, boosted by power business
Contributed by equity income from the power sector and appreciated coal price, Banpu Public Company Limited recorded a net profit for the third quarter 2007 of THB1, 719 million, up by 94 percent from THB 884 million of the same period last year.
Mr. Chanin Vongkusolkit, CEO of Banpu Public Company Limited, said that a net profit of THB 1,719 million in the third quarter 2007 consisted of THB 1,154 equity income from a 50 percent owned BLCP Power Limited and THB 565 million from coal business and others.
“The healthy net profit was due mainly to equity income from BLCP and higher coal price resulted by an increase of coal market price and a higher proportion of sales volume of high quality coal from our Indonesian coal mines- Indominco and Trubaindo. The earning for the fourth quarter, however, is expected to be lower than this quarter since BLCP power plant will have the annual shut-down,” Mr. Chanin elaborated.
In the third quarter this year, Banpu has reported sales revenue of THB. 8,641 million, a 2 percent increase of THB 200 million from the same period last year. This was a result of higher coal selling price. Coal sales revenue was THB 7,654 million accountable for 89 percent of total sales revenue, which included THB 7,487 million of coal sales from Indonesian mines and THB 167 million of coal sales from Thai mines. For the last quarter, the Company managed to sell a total of 5.07 million tonnages of coal with an average coal selling price of USD 42.58 per tonne or 16 percent higher than the same period last year. In addition, sales of power and steam from CHP plants in China were THB 949 million or 11 percent of total sales revenue.
As of 30 September 2007, Banpu’s total assets were THB 53,971 million, an increase of THB 4,585 million or 9 percent from 31 December 2006. Total liabilities were THB 28,220 million, an increase of THB 1,177 million or 4 percent from 31 December 2006. Banpu’s net debt to equity ratio as of 30 September 2007 was 0.68 times, compared to 0.66 times on 31 December 2006. The Company’s Earning per Share (EPS) for the third quarter was THB 6.32 per share compared to THB 3.25 per share in the same period last year.