Straits Asia Resources: improved 2Q10 results. 2Q10 net profit +8% on year at US$23.2m on higher selling prices, lower costs. On-quarter growth even stronger as 1Q10 profit of US$11.2m weighed partly by higher operating costs related to collapse of coal-loading facility last year…
Mgt provides upbeat outlook as mgt expects to receive regulatory approval to carry out mining work at new area next to its Sebuku mine by end-2010. The commissioning of the Cagar Alam concession is key to SAR's future production and earnings growth, given the assets' high-coal quality, low-cost structure. UBS has Buy call with $3.15 target.
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