Coal India net slumps to lowest since 2010

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Published: November 9, 2014 1:00:40 AM

Coal India on Saturday reported the lowest quarterly profit since its listing...

Coal India on Saturday reported the lowest quarterly profit since its listing in November 2010 as fuel and wage costs climbed, report Agencies. It posted an over 28% fall in consolidated net profit to R2,192 crore in the second quarter of this fiscal, against a profit of R3,052 crore in the same quarter previous year.

Its net profit took a beating as the company’s Q2 expenses rose by almost 8% compared to the flat growth in sales in the review period. Total expenses increased to R14,144 crore in the July-September quarter of this year from R13,112 crore in the same period last year. The bulk of the expenses were on employee benefits, on which the company spent R7,286 crore, while contractual expenses went up to R1,626 crore from R1,393 crore. Net sales increased to R15,677 crore from R15,411 crore in the review period.

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