February 12, 2019 / 2:38 PM / a month ago

Coal India third-quarter profit surges 50 percent on higher production

FILE PHOTO - Workers unload coal from a supply truck at a yard on the outskirts of the western Indian city of Ahmedabad April 15, 2015. REUTERS/Amit Dave/File Photo

(Reuters) - Coal India Ltd, the world’s biggest coal miner, reported a 50.1 percent jump in third-quarter profit on Tuesday as it benefited from higher coal production.

Its profit for the three months to December reached 45.67 billion Indian rupees ($646.5 million), compared with 30.43 billion a year earlier, the company said.

The figure beat analysts’ average estimate of 40.69 billion rupees in profit, according to Refinitiv Eikon data.

Quarterly coal production rose 2.6 percent year-over-year to 155.97 million tonnes.

($1 = 70.6380 Indian rupees)

Reporting by Chandini Monnappa in Bengaluru

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