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Joy Global profit falls 37 pct as weak coal prices hits demand

Mining equipment maker Joy Global Inc , which gets about 60 percent of its revenue from coal miners, reported a 37 percent fall in quarterly profit as customers cut spending due to weak prices.

The company's net income fell to $44.9 million, or 46 cents per share, in the third quarter ended July 31, from $71.3 million, or 71 cents per share, a year earlier.

Excluding items, Joy Global earned 54 cents per share.

Revenue fell 9.5 percent to $792.2 million

source: http://in.reuters.com