Coal India posts 64 percent rise in net profit

August 13th, 2011 - 1:42 am ICT by IANS  

Kolkata, Aug 12 (IANS) World’s largest coal miner by output Coal India Friday posted a 64 percent rise in its consolidated net profit for the first quarter of the current 2011-12 fiscal, compared to its year ago figures.

The state-run Maharatna company’s net profit soared to Rs.4,143.92 crore for April-June period, as against Rs.2,525.88 crore during the same timeframe of the preceding fiscal.

Releasing the results, CIL chairman N.C. Jha said its net sales rose to Rs.14,499 crore in the period under review as against Rs.11,435.64 crore in the year-ago period. In percentage terms, the increase was zoomed 26.8 percent.

However, coal production in the first quarter of 2011-12 went up marginally by 1.21 per cent to reach 96.3 million tonne compared to 95.15 MT during the same period last fiscal. Coal offtake recorded an upward movement of 5.15 per cent to 106.25 MT. The figure was 101.05 MT in the year ago period.

Jha hinted the company will look into the need for a price rise in another six months by which the process of wage rise would be complete.

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