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Banpu reveals 1Q17 operating results

Published by , Editorial Assistant
World Coal,

Banpu Public Company Limited (BANPU), a pioneering Asian energy company operating power, coal and other related energy businesses recently announced the first quarter’s operating result for 2017, which is successfully aligned with its targeted results. With a total sales revenue of US$633 million (equivalent to THB 22 225 million), Banpu has gained an increase of US$81 million (equivalent to THB 2845 million) compared to the same quarter of last year. Also, when compared to last year, Banpu is seeing a significant increase in EBITDA (earnings before interest, tax, depreciation and amortisation) of 93% YoY and flat QoQ at US$216 million (equivalent to THB 7586 million). While net profit for this quarter is reported at US$40.86 million (equivalent to THB 1435 million), a turnaround from a net loss of US$5.15 million (equivalent to THB 181 million) in the same period last year. Banpu expands its investment in shale gas in the US. Also, the company aims to strengthen its midstream business strategy in coal trading to create positive returns for investors as well as to continuously look for opportunities to become a leading energy provider in the Asia-Pacific region.

Ms. Somruedee Chaimongkol, Chief Executive Officer of Banpu Public Company Limited said “In the first quarter of this year, Banpu has managed to achieve its goals in all businesses; from upstream to downstream, and has been fully benefited from the improvement in the coal market situation at the end of the previous year. 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. Furthermore, Banpu has received additional revenue from the second shale gas resource in NEPA or Northeast Pennsylvania, of which it invested earlier this year, along with an increase in Power’s generating capacity and the smooth operation of all three units of the Hongsa Power Plant.” In Q1/2017, Banpu has seen its total sales revenue rise to US$633 million (THB 22 225 million), an increase of US$81 million (equivalent to THB 2845 million) or 15% compared to the same quarter of last year, which is largely due to a continued rising of the global coal price. This total sales revenue consists of total coal sales of US$566 million (equivalent to THB 19 878 million), which is contributing 89% to the total sales revenue. The company’s sales of power, steam and others generated US$60 million (approximately THB 2107 million), represented 9% of the total sales revenue. In addition, the gas business from two shale gas sources in Pennsylvania, the US has generated US$7 million (approximately THB 246 million), which is accounted for 1% of the total sales revenue.

Banpu reports coal sales volume in its first quarter at 8.58 million t, a 1.72 million t or 17% decrease over the same quarter in the previous year. This is the result of a 0.23 million t decrease in coal sales volume from the mine in Australia and a 1.49 million t decrease in coal sales volume from the mine in Indonesia. However, EBITDA from coal business rises at US$171.5 million (approximately THB 6019.6 million), representing an increase of 166%YoY and 2% QoQ, largely due to a rise in the global coal price compared to the previous year. The average selling coal price in this quarter is US$65.86/ t representing a 36% increase over US$48.29/t in 2016.

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