Reuters: Hot Stocks: STOCKS NEWS THAILAND-Banpu shares up; sees no need for provisions after court case

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STOCKS NEWS THAILAND-Banpu shares up; sees no need for provisions after court case Oct 1st 2012, 03:16 Sun Sep 30, 2012 11:16pm EDT Shares in Banpu Pcl, Thailand's biggest listed coal miner, edged up after it said it would not set provisions for damages that might have to be paid to former partners in the Hongsa power project in Laos after a recent court ruling. Banpu was up 0.8 percent at 395 baht versus a 0.03 percent gain in the energy subindex and a 0.14 percent loss in the broader SET index. The stock had fallen 11.3 percent from Sept. 20 to Friday, when the company told the stock exchange about the Thai court's ruling that Banpu should pay about $1 billion in damages. "The company is confident that it has strong factual and legal grounds for an appeal. For these reasons, the company and its subsidiary have no need to set provisions in their financial statements for damages," it told the exchange. Many analysts have downgraded Banpu shares as the damages were expected to affect its earnings and a profit contribution from the Hongsa project would be lost due to a prolonged delay. (Reporting by Viparat Jantraprap in Bangkok; editing by Alan Raybould; viparat.jantraprapaweth@thomsonreuters.com)

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