Coal news and updates

Coal India March 2017 Q4 net profit down 38% to Rs 2716 crore

World's largest miner, Coal India reported a sharp drop in consolidated net profit in the fourth quarter period ending March 17' to Rs 2716.09 crore, down by 38 percent over the corresponding period profit of Rs 4398.35 crore.

Profits dipped despite around 10 percent rise in coal sales to Rs 24,032.54 crore during the quarter under review.

The miner has reported the Q4 results as per the new accounting standards and FY 16, Q4 figures are restated.

The Miner informed the bourses that its employees benefit cost was at Rs 9229 crore during the quarter, sharply higher from Rs 7843 crore registered in the corresponding quarter of FY 16.

CIL provisions had jumped to Rs 1238 crore which is mainly on account of grade slippages during the quarter as against Rs 291 crore in the same quarter of FY 16.

Coal production and despatch during the quarter were at 176.37 million tonnes and 151.54 million tonnes.

Source: Money Control