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Banpu Q2 earnings, revenue up YOY on stronger coal prices

Thailand-based Banpu PCL posted net profit of US$65.9 million in the second quarter, significantly higher from net profit of about US$8.0 million reported a year earlier.

Excluding a foreign exchange loss of U$13 million, net profit totaled US$78.8 million.

Group EBITDA more than doubled to US$214.5 million from US$97.4 million last year.

Sales revenue totaled US$632.9 million, up from US$469.4 million in the same 2016 quarter, driven by stronger coal prices.

Total run-of-mine coal production, meanwhile, slipped to about 8.0 million tonnes from 8.8 million tonnes in the prior-year period as heavy rainfall affected the company's Indonesian operations.

The unusual weather condition is also likely to affect production performance in the short term, Banpu noted Aug. 11.

Total sales volume came in at 8.7 million tonnes, down from 9.3 million tonnes a year ago.