Coal India Q2 net up 19 pct, narrowly misses estimates

MUMBAI Fri Nov 9, 2012 5:15pm IST



MUMBAI Nov 9 (Reuters) - 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 30.8 billion rupees ($565.1 million) from 25.9 billion a year earlier. Net sales rose 11 percent to 145.7 billion rupees.

Analysts on average had forecast a net profit of 32.2 billion rupees, 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. ($1 = 54.50 rupees) (Reporting by Prashant Mehra; Editing by Jijo Jacob)