Coal India Q1 net profit falls by 6.67 percent

Kolkata, Aug 12 (IANS) State-owned coal miner Coal India Ltd (CIL) on Wednesday posted a fall of 6.67 percent in its net consolidated profit at Rs.3,764.35 crore for the first quarter of 2015-16 as against Rs.4,033.28 crore in the corresponding timeperiod last year.

Its gross profit, however, increased by 2.76 percent clocking at Rs.4,386.70 crore in the period under review compared to Rs.4,268.70 crore in the year-ago period.

The company’s consolidated total income increased by 6.62 percent at Rs.19,518.08 crore in the April-June period compared to its earning of Rs.18,305.61 crore in the similar months of 2014.

The company registered a considerable increase in both output of coal as well its sales.

Production in the first three months of the current fiscal increased by 12 percent at 121.35 million tonnes (MT) as against 108.32 MT in the same period last year.

Offtake also increased by 8.19 percent at 129.39 MT in the months under review while the same stood at 119.60 MT in the same period last year.

On a standalone basis, however, the company’s net revenue performance sank by 43.89 percent as net revenue fell to Rs.37.74 crore in April-June period compared to the earning of Rs.67.25 crore in the same period last fiscal.

Both its gross as well as net profit was hit by 71.15 and 59.61 percent respectively.

The gross standalone loss for the first quarter of 2015-16 stood at Rs.106.85 crore as against the loss of Rs.62.43 crore in the year-ago timeperiod.

However, the net profit was registered on a positive note due to the dividend income of Rs. 442.80 crore it received from its subsidiaries. Even then, this category of income showed a decline of 96.60 percent when compared to the same period last year.

The net standalone profit of the company stood at Rs.485.47 crore falling from the former net gain of Rs.1,202.02 crore in the similar period in 2014.

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