Banpu Pcl, Thailand’s top coal miner, reported a 13.5 percent f all in quarterly net profit on Friday as weaker coal prices at its Indonesian unit outweighed higher sales volume and lower costs.
Banpu, also Indonesia’s fourth-largest coal miner, posted an April-June net profit of 2.73 billion baht ($87 million), d own from 3.16 billion a year earlier.
Ten analysts surveyed by Reuters had forecast on average a net profit of 2.8 billion baht for the quarter.
Through its Indo Tambangraya Megah unit, Banpu owns five mines in Indonesia, its largest revenue contributor. It also owns 10 mines in Australia and two in China.
In July, Banpu cut its revenue and volume targets and its investment plan for 2012-2015 to reflect a decline in thermal coal prices and uncertainty arising from the global economic slowdown.
Shares in Banpu, valued at $3.9 billion, have fallen 32 percent in the past 12 months, underperforming a 17 percent rise in the broad market index.
($1 = 31.52 Baht)