Thailand’s top coal miner, Banpu, said on Tuesday its third-quarter net earnings rose a higher-than-expected 22 percent, helped by better average sale prices. Banpu, also the fourth-largest coal miner in Indonesia,

posted a net profit of 3.81 billion baht ($114.4 million), or 14.02
baht per share, compared with 3.11 billion baht a year earlier.

Profit was down from 3.98 billion baht in the previous quarter.

Ten analysts polled by Reuters had forecast a net profit of 3.18 billion baht for the July-September quarter.

Analysts
said lower coal prices would hold down its net profit in the fourth
quarter, but a recovery in demand in tandem with the global economy
could drive prices up in 2010.

Banpu stock gained about 28 percent
in the July-September period, outperforming a 20 percent climb on the
broader market .SETI. Banpu closed down 0.4 percent on Tuesday ahead of
the earnings announcement.

Source: Reuters

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