Coal India Q4 net profit down 4.9%

Coal India reported a dip in net profit at Rs 4,013 cr on higher staff expenses.

Written by Agencies | New Delhi | Published: May 28, 2012 6:28:34 pm

State-owned Coal India (CIL) today reported a 4.9 per cent dip in consolidated net profit at Rs 4,013 crore for the fourth quarter ended March 31,due to higher staff expenses.

The company clocked a net profit of Rs 4,220 crore during January-March quarter of FY 2010-11,the company said in a filing to BSE.

The income from operations of the public sector firm for the quarter,however,increased to Rs 19,418 crore over Rs 15,004 crore for the same period a year ago,it added.

CIL’s employee benefits expense for fourth quarter ended March 31 increased substantially to Rs 9,068 crore over Rs 4,806 crore in the same period of FY’11,the statement said.

“The National Coal Wage Agreement…was finalised on January 31,2012. The impact on wage arising out of the agreement has been considered in the financial results,” it said.

However,the consolidated net profit of the public sector behemoth for the year ended March 31,2012,went up to Rs 14,788 crore,over Rs 10,867 crore in 2010-11,it added.

CIL also posted a 11.7 per cent dip in standalone net profit at Rs 1223.5 crore for the quarter ended March 31,2012.

The company had produced 435.8 million tonnes of coal in the last fiscal,over 431 MT in 2010-11.

The shares of the CIL closed at Rs 315.05,registering an increase of 0.57 per cent from the previous close.

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