Coal India Q1 net profit up 8%, meets estimates

Aug 13, 2012 |

Reuters

mumbai

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Coal India, the world's largest coal miner, met market expectations with an 8 per cent increase in quarterly profit, helped by strong sales and a pricing change this year that boosted margins.

The state-run miner reported April-to-June net profit rose to Rs 44.69 billion from Rs 41.44 billion a year earlier. Net sales gained 13.8 per cent to Rs 165 billion.

Analysts on average had forecast net profit of Rs 44.4 billion on net sales of Rs 166.5 billion, according to a Reuters poll of brokerages.

Shares in Coal India, valued at about nearly $40 billion, closed 0.3 per cent lower in a firm Mumbai market.

The stock has gained nearly 16 per cent so far this year.

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