KTB increases credit line for Energy Earth mines
Krung Thai Bank (KTB) has increased Energy Earth's credit line by Bt2.5 billion to Bt3.08 billion in order to support its plan to acquire five coal mines by 2017.
Jaree Wuthisanti, KTB’s senior executive vice president, said the bank had already signed a contract for the additional financial support with the company.
“We realise Energy Earth’s potential to expand its coal-mining business in the future, and KTB can help reinforce the company’s competitiveness in the region. The contract to lend an additional Bt2.5 billion reflects KTB’s long-term confidence in Energy Earth,” she said.
Khajohnpong Khamdee, managing director of Energy Earth, said the company had decided on seeking an additional credit line of Bt2.5 billion to help support its five-year plan.
According to the five-year mission, its revenue should jump to Bt30 billion, he noted.
Energy Earth will report its third quarter financial results soon. Its revenue in the first half of the year stood at Bt4.36 billion, close to the Bt4.71 billion it earned in all of last year.
The company, which has been expanding both domestically and internationally, experienced a |substantial increase in sales this year because it started operating its own mines in Indonesia from February.
