Thailand-based Banpu Public Co., Ltd. reported total sales revenue of US$633 million in the first quarter, increase 15% or $81 million over the same period last year, showed the latest quarterly results.
Banpu is also seeing a significant increase in earnings before interest, tax, depreciation and amortization (EBITDA) of 93% year on year though flat quarter on quarter at $216 million.
For the first quarter, Banpu's net profit amounted to $40.86 million, a turnaround from a net loss of $5.15 million in the same period last year.
Banpu has expanded its investments in shale gas in the US. Also, the company aims to strengthen its midstream business strategy in coal trading and is also looking for opportunities to become a leading energy provider in the Asia-Pacific region.
"An increase in the average selling price of coal results in higher sales revenue, which was previously affected by a seasonal decrease in demand for coal in Indonesia and the move of longwall machinery at the mine sites in Australia." Somruedee Chaimongkol, Banpu's chief executive officer said.
He said the 15% year on year increase in Banpu's total sales revenue was largely due to a continued rising of the global coal price. Of the $633 million revenue, coal sales accounted for $566 million, or 89% of total sales revenue. Sales of power, steam and others generated $60 million, representing 9% of total revenue. In addition, the gas business from two shale sources in Pennsylvania generated $7 million, accounting for 1% of the sales revenue.
(Writing by Becky Du Editing by Harry Huo)
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