SET-listed Banpu Plc, Asean's leading coal miner, posted a 57% year-on-year drop in net profit to US$31 million (925 million baht) in the first quarter on weakening coal prices.
Total sales revenue was down by 9% from the same period of last year to $835 million, although production and sales volume rose 0.74 million tonnes to 9.97 million tonnes. Chief executive Chanin Vongkusolkit said the decline in net profit was caused by a decrease in the average selling price (ASP) to $76.91 per tonne from $92.08 year-on-year, in line with softening coal prices since last year.
Australian coal production was affected by the longer-than-expected long-wall change-over at Mandalong mine, causing total Australian coal sales to fall 0.55 million tonnes in the quarter.
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