Lanna's Indonesian net income drops in Q3
Monday, November 10 2003 - 06:35 AM WIB
Despite a higher in revenue, Thai coal miner Lanna Resources plc reported Monday its net income from East Kalimantan-based coal producer PT Lanna Harita Indonesia (LHI) dropped to US$160,762 in third quarter of 2003 from $662,066 in the same period last year.
In its quarterly report, Lanna said total revenue from LHI was of $5.86 million in Jul-Sept quarter this year or 39 percent increase compared to last year?s corresponding period of $4.21 million.
Lanna also said in the report that sea freight charge for the Indonesian coal was increased resulting in a decrease in coal sales in the quarter.
Lanna owns 63.33 percent stake in LHI, a company that operates a coalmine in Tanah Merah, near Banjarmasin, East Kalimantan.
Last year, LHI produced around 0.95 million tons of coal, with 0.83 million tons distributed. Around 50 ? 60 percent of the company?s sales were shipped to Thailand, while the remaining exported to Japan, Taiwan, and India. (robert)