UMS targets 30% growth in 2010

       Coal importer Unique Mining Services Plc is optimistic its sales will jump by 30% in 2010 from flat growth this year thanks to the economic recovery.
       UMS managing director Chaiwat Cruecha-Em said an improved recovery will drive demand and coal prices, boosting the company's overall revenue.
       "Last year, coal prices went up to nearly US$140(per tonne), but this year it has dropped to about $70," Mr Chaiwat said."Next year, the government's stimulus programmes should start to take effects and help spur demand.
       UMS will unlikely hit its growth target this year as the recession has crimped output for its major customers, particularly those in the cement sector, he said.
       Small and medium-sized companies,the main revenue source for UMS, are still expanding, he said, which will keep 2009 coal volume on par with last year at about one million tonnes.
       Mr Chaiwat said UMS was not affected by the Map Ta Phut suspensions as it has few clients there.
       UMS projected 2009 first-half revenue would fall by 10% from last year to 3.14 billion baht.
       UMS has recently been acquired by Hermelin Shipping Co, a subsidiary of Thoresen Thai Agencies Plc, the country's largest dry-bulk carrier. Hermelin, which will be renamed Athene Holdings Ltd,purchased 73,649,166 shares or 48.46%from UMS's two former major shareholders Phaibul Chalermsaphayakorn and Mr Chaiwat.
       "The acquisition should set a business direction for UMS regarding logistics in the coal industry," Mr Chaiwat said.
       The firm is still interested in acquiring a coal mine in Indonesia, but the matter must be discussed with the new shareholder before any decision, he said.
       UMS posted first-half revenue of 1.39 billion baht, down from 1.56 billion the same period last year. First-half net profit fell to 191.49 million baht, down from 240 million year-on-year.
       Established in 1994, UMS engages in the coal trading business by importing coal from Indonesia to serve small and medium-sized industrial buyers in Thailand. UMS shares closed yesterday on the Market for Alternative Investment at 22.70 baht, unchanged, in trade worth 43.81 million baht.