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Coal India net up 19%, narrowly misses estimates

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.
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Mumbai:

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 Rs 3.080 crore from Rs 2,590 crore a year earlier. Net sales rose 11 percent to Rs 14,570 crore.

Analysts on average had forecast a net profit of Rs 3,220 crore, 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.

Copyright @ Thomson Reuters 2012



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