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Coal India first-quarter profit falls 23%, misses estimates

Profit fell to Rs 23.51 billion for the three months ended June 30, from Rs 30.65 billion a year earlier.

business Updated: Aug 14, 2017 19:09 IST
Reuters, New Delhi
Coal India,CIL,Coal India Ltd
Profit fell to Rs 23.51 billion ($366.7 million) for the three months ended June 30, from Rs 30.65 billion a year earlier(AP File Photo)

Coal India Ltd, the world’s largest coal miner, said its first-quarter profit fell 23%, missing analysts’ estimates.

Profit fell to Rs 23.51 billion ($366.7 million) for the three months ended June 30, from Rs 30.65 billion a year earlier, the state-run company said on Monday.

Analysts on average had expected the company to post a quarterly profit of 26.62 billion rupees, according to Thomson Reuters data.

Coal production of the Kolkata-based company, which accounts for more than 80% of India’s output, fell to 118.84 million tonnes in the quarter from 125.67 million tonnes a year earlier.

($1 = 64.1050 rupees)

First Published: Aug 14, 2017 19:09 IST