Coal India Q2 net profit up 19%

Nov 09 2012, 17:30 IST
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The state-run miner said September quarter net profit rose to Rs 30.8 billion ($565.1 million). (Reuters) The state-run miner said September quarter net profit rose to Rs 30.8 billion ($565.1 million). (Reuters)
SummaryThe state-run miner said September quarter net profit rose to Rs 30.8 billion ($565.1 million).

Coal India, the world's largest coal miner, reported on Friday a 19 percent increase in quarterly profit, helped by strong sales and better prices, but narrowly missed market expectations.

The state-run miner said September quarter net profit rose to 30.8 billion rupees ($565.1 million) from 25.9 billion a year earlier. Net sales rose 11 percent to 145.7 billion rupees.

Analysts on average had forecast a net profit of 32.2 billion rupees, according to a Reuters poll of brokerages.

Shares in Coal India, valued at $40.7 billion, closed 0.7 percent lower, before the earnings announcement, in a Mumbai market down nearly 1 percent. The stock has gained nearly 16 percent so far this year.

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