Banpu Records Higher Profits Boosted by Power Business and Better Coal Prices
Banpu Public Company Limited (BANPU) announced its financial performance for the 2007 fiscal year, recording a net profit of THB 6,654 million, an increase of THB 3,044 million or 84 percent from the previous year thanks to an increase of equity income from the BLCP power plant and a rise of profits from its coal business which witnessed price increases from a year before by 17 percent.
In addition, the revenue for the year 2008 is expected to grow around 25 percent from 2007 as an average coal selling price is edging up.
Mr. Chanin Vongkusolkit, Chief Executive Officer of Banpu Public Company Limited, said a net profit of THB 6,654 million in 2007 consisted of a net profit from its core businesses of coal and power totaling THB 5,920 million, which increased 61 percent from a year before; and gain on investment of THB 734 including a profit recognition resulted from a selling of share capital of its subsidiary, PT Indo Tambangraya Megah Tbk (ITM) and a disposal of 10 percent of its investment in a listed coal company. However, its total costs of sales also increased 1 percent due to oil price hike and an increase in mining stripping ratio.