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.

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 (AP File Photo)

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)