Coal miner Straits Asia Resources has posted a huge jump in net profit for the calender year to September.
West-Perth based coal mining outfit Straits Asia Resources has posted a huge jump in net profit for the calender year to September.
As part of parent company, Straits Resources, the Indonesia-focused company has achieved after tax profit of $US84.82 million ($A128.64 million) for the nine months to September 30 2008, up 350 per cent from $US19.04 million ($A28.88 million) for the same period last year.
Straits Asia has accordingly approved an interim dividend of 1.55 US cents (2.35 Australian cents) per share, the second for 2008.
"The group's ability to achieve its production target of nine million tonnes of coal for FY2008 will depend on good weather for the rest of the year and sales will also depend on available shipping schedules," the Stock Exchange of Singapore-listed miner said.
Straits Asia said it had $US80 million ($A121.35 million) cash on hand and had received a firm offer to refinance a 2007 bridge loan.
Shares in Straits Resources were down 1.5 cents to $1.08 at 1411 AEDT.
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