BANPU announced a 12% better than expected 2Q09 earnings of Bt3,982mn (EPS Bt14.65), up 73% yoy (down 17% qoq). This was largely due to higher than expected earnings from the Chinese coal business (AACI) with Bt1,762mn, up 130% yoy, as Chinese coal demand remained strong. A resilient 2Q09 earnings were due to higher average sales prices by 10% yoy to $73.89/tonne (down from $84.2/tonne in 1Q09), strong earnings from BLCP (BANPU 50% owned) of Bt1,249mn, up by 122% yoy on an exchange gain of Bt268mn (up from an exchange loss of -Bt428mn in 1Q08), gains from coal and diesel swaps of Bt221mn and a 1.6% yoy (or 11% qoq) jump in sales volume to 4.51mn tonnes from the Indominco, Trubaindo and Jorong mines.
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