Coal miner Straits Asia Resources has posted a 68% fall in net profit for the first quarter ended March 31, 2010 (1QFY2010) to US$11.2 million ($15.4 million), compared to US$35.5 million in 1QFY2009.

Revenue rose 10% to US$153.5 million but cost of sales jumped 68% to US$123 million due to fuel costs which rose 60% to 71 US cents per litre in Q1 from 45 US cents per litre in Q1 2009.

Straits Asia is engaged in thermal coal mining at the Sebuku coal mine located at Sebuku Island, South Kalimantan and the Jembayan coal mine located in East Kalimantan, Indonesia. Straits Asia produces thermal coal, which is sold primarily in Asia.

Earnings per share for the quarter stood at 0.99 US cents, down 70% from 3.25 US cents made a year ago.

The company says no dividend was declared for the quarter and that it will now review dividend payout every six months.