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Coal India March-quarter profit falls 38 percent, misses estimates
May 29, 2017 / 12:10 PM / 6 months ago

Coal India March-quarter profit falls 38 percent, misses estimates

(Reuters) - State-run Coal India Ltd reported a lower-than-expected fourth-quarter consolidated profit, hurt by higher costs.

Labourers load coal onto a supply truck on the outskirts of Jammu, April 6, 2017. REUTERS/Mukesh Gupta/Files

Consolidated profit fell 38 percent to 27.16 billion rupees ($421.18 million) in the quarter ended March 31, from 43.98 billion rupees a year earlier, the company said on Monday.

Analysts on average had estimated a consolidated profit of 38.20 billion rupees, according to Thomson Reuters data.

Coal production of the Kolkata-based company, which accounts for more than 80 percent of the country’s output, rose to 176.37 million tonnes in the fourth quarter from 165.24 million tonnes a year earlier.

Consolidated total income climbed 8.3 percent to 266.36 billion rupees.

The world’s largest coal miner recently cut its production target by about a 10th to 600 million tonnes for the 2017-18 fiscal year.

($1 = 64.4850 Indian rupees)

Reporting by Samantha Kareen Nair in Bengaluru; Editing by Subhranshu Sahu

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