Central Coalfields earns Rs.1.8 bn from e-auctions

October 15th, 2008 - 2:44 pm ICT by IANS  

Ranchi, Oct 15 (IANS) Public sector firm Central Coalfield Ltd (CCL) has earned Rs.1.8 billion from e-auction in the first half of the current financial year, an official said. “CCL earned Rs.180 crore (Rs.1.8 billion) from e-auction in the first half of the current financial year which ended Sep 30. During same period last year, the earning was around Rs.53 crore (Rs.530 million),” the CCL official told IANS Wednesday.

“Total earnings by the end of the financial year from e-auction sales are likely to be Rs.400 crore (Rs.4 billion),” he added.

CCL posted profit of Rs.2.26 billion in 2007-2008, selling 5.44 million tonnes of coal through e-auction; it hopes to sell around seven million tonnes coal through this route in the current financial year.

A subsidiary of Coal India, CCL posted profits of over Rs.10 billion for three successive years.

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