(Adds executive comments, investment plan, total 2017 coal sales volumes to include China)
BANGKOK, Feb 23 (Reuters) - Thai coal miner Banpu Pcl BANPU.BK reported a more than 250 percent surge in full-year net profit, beating estimates, boosted by higher coal prices and said it expected better average selling prices this year as well.
Net profit rose to $343 million in 2017 from $97 million a year earlier. Banpu was estimated to post a profit of 9.1 billion baht ($289.1 million) for 2017, according to a Reuters poll of 9 analysts.
Coal sales revenue, 91 percent of total sales, reached $2.6 billion in 2017, up from $2 billion a year earlier, from its Indonesian and Australian mines.
"The resilient demand for coal coupled with limited supply in the region continued to support coal prices," Banpu said in a statement on late Thursday.
Banpu sold 41.3 million tonnes of coal in 2017 from mines in Australia, Indonesia and China at an average selling price of $71.1 per tonne, up from $51.53 per tonne a year earlier.
The company targets 44.8 million tonnes of coal sales this year, Chief Executive Somruedee Chaimongkol told reporters on Friday.
Revenue from its gas business more than doubled to $37 million from $15 million in 2016.
Last year the company said it planned to raise coal production to 60 million tonnes by 2020 and expand its gas portfolio. company plans $102 million of investments in gas, coal and new energy business, it said in a statement on Friday.
Its power generating arm, Banpu Power BPP.BK , will invest $80 million in China and Japan to add an extra 96.5 megwatts (MW), the company said.
Banpu Power is exploring investment opportunities in countries where it operates and potential markets such as Vietnam, Banpu Power Chief Executive Sutee Sukruan said in a statement.
Banpu Power plans to shut down its 1,434 MW BLCP coal-fired power plant for 10 weeks for maintenance in the fourth quarter of 2018, Sutee said.
Banpu Power posted annual net profit of 4.16 billion baht, up from 4.14 billion baht a year ago.
Banpu shares closed up 2.8 percent in a broader market .SETI gain of 1.1 percent on Friday.