The Singapore-based company reported record year-to-date revenues from thermal coal sales of $433 million, up from $190 million in the previous corresponding period, while year-to-date coal production was a record 6.6 million tonnes, up from 2.2Mt.

Straits Asia said the record revenue reflected the strong increase in prices for the group’s products from its Jembayan and Sebuku mines. The group has priced 6.6Mt of its 2009 production at around $114 per tonne.

“While contract prices have receded from the highs experienced in the third quarter 2008, customers in the seaborne thermal coal market continue to show firm demand for Straits Asia’s coal despite the global threat of recession,” the company said.

However, the group’s ability to achieve its production target of 9Mt of coal for 2008 would depend on good weather for the rest of the year, while sales would depend on available shipping schedules.

During the third quarter, Straits Asia’s operations were affected by heavy rainfall, which slowed production.

Nevertheless, there was no repeat of the flooding that affected Sebuku last year and both Jembayan and Sebuku coped well as the group had previously invested in and planned for bad weather contingencies.

The company currently has 16 drilling rigs operating at the Jembayan and Sebuku mines.

Meantime, Straits Asia’s board has approved a second interim dividend of 1.55c per share for payment to shareholders on December 10 in line with the company’s strong balance sheet and cash flow.

Last month, Straits Asia refinanced a $230 million bridge facility that was due for repayment in December after receiving a committed credit committee-approved offer of $300 million from Standard Chartered Bank.

Shares in Straits Asia’s parent company Straits Resources were trading down 0.5c to $1.09 on the Australian Securities Exchange in afternoon trade.