The Singapore-based company said the result was achieved on the back of a 91% rise in revenue to $265 million and record production of 4.46 million tonnes of coal, which keeps the company on target to achieve production of not less than 9Mt of coal for 2008.

At the Sebuku operations, the company produced 1.96Mt of coal in the first half, of which 1Mt of production was recorded from the second quarter, while production from Jembayan for the half year was 2.5Mt.

“Our record results clearly show that our work and strategies have started to bear fruit,” Straits Asia chief executive Richard Ong Chui Chat said in a statement.

“Straits Asia is well set to benefit from the higher prices we are now achieving for new sales and our production capacity increases.

“We have already begun to advance our plans for the new assets that we hope to acquire later this year in Madagascar and Brunei.

“When these assets are added to our project pipeline alongside Laung and our two producing mines, the medium and long-term outlook for Straits Asia will look even more exciting.

“For the remainder of 2008, we will keep our focus on achieving our key production target as well as advancing acquisition opportunities so as to achieve our core aim of creating long-term shareholder value.”