Thai coal miner Banpu Q3 net up, beats forecast - News

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Thai coal miner Banpu Q3 net up, beats forecast

By: AFX | 10 Nov 2009 | 05:48 AM ET

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BANGKOK, Nov 10 (Reuters) - Thailand's top coal miner, Banpu , said on Tuesday its third-quarter net earnings rose a higher-than-expected 22 percent, helped by better average sale prices. Banpu, also the fourth-largest coal miner in Indonesia, posted a net profit of 3.81 billion baht ($114.4 million), or 14.02 baht per share, compared with 3.11 billion baht a year earlier. Profit was down from 3.98 billion baht in the previous quarter. Ten analysts polled by Reuters had forecast a net profit of 3.18 billion baht for the July-September quarter. Analysts said lower coal prices would hold down its net profit in the fourth quarter, but a recovery in demand in tandem with the global economy could drive prices up in 2010. Banpu stock gained about 28 percent in the July-September period, outperforming a 20 percent climb on the broader market . Banpu closed down 0.4 percent on Tuesday ahead of the earnings announcement. ($1=33.31 Baht) (Reporting by Ploy Ten Kate; Editing by Alan Raybould) * Reuters 3000 Xtra clients can now view daily data on how reported Asian company earnings compare with analysts' forecasts, as measured by Reuters Estimates. Double click on Keywords: BANPU/RESULTS (ploy.tenkate@thomsonreuters.com; +662 648 9735; Reuters Messaging: ploy.tenkate.reuters.com@reuters.net)) (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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