The Singapore-based company also reported a 133% surge in revenue to $585.2 million on the back of record coal production of 8.6 million tonnes at its Sebuku and Jembayan thermal coal mines in East Kalimantan.

The group’s net assets at the end of December stood at $375.7 million, up from $304.2 million, while net debt stood at $125 million.

Straits Asia chief executive officer Richard Ong said the company’s strategy was on track, and long-term plans and targets would continue to be pursued.

“The longer-term outlook for thermal coal markets remains positive and by maintaining our vision and planning, I am sure that Straits Asia will see many opportunities in 2009 to help us in achieving our goals,” he said.

Ong said the company’s capital works program would provide it with increased capacity and the potential for a ramp up in production.

“Our continuing investment in exploration and conversion of our large resource base and geological potential will underpin Straits Asia’s growth,” he added.

Straits Asia has recommended a final cash dividend of 2.18c per shares be paid on May 22, taking total dividends for 2008 to 6.83c.