Indonesia-based coal miner Straits Asia Resources says it posted a 107% rise in net profit to $23.24 million for the second quarter 2Q2010 versus $21.43 million for 2Q2009. Revenue rose 9.1% to $191.5 million compared to $175.6 million.

Led by Jembayan Mine which achieved a record production level for the quarter of 2,465kt, total coal production for 2Q was 2,664 kt, exceeding 2Q 2009’s levels by 41% despite poor weather conditions that affected most Kalimantan coal miners in May and June.

The ASP for coal in 2Q was $72.17 per tonne. Signs of rebalancing between supply and demand have resulted in market conditions remaining relatively stable during 2Q, says Straits Asia Resources.

The coal miner adds that the strong recovery on net profit reflects the successful management of the core issues that the group inherited from the end of 2009 and leaves the company well positioned for more growth in the remainder of 2010.