Thai coal miner Banpu Q3 net up, beats forecast

BANGKOK, Nov 10 (Reuters) - Thailand's top coal miner, Banpu BANP.BK, 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 .SETI. 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)