Tue, 14 Feb, 2012
NEW DELHI: State-run Coal India Ltd registered a 54% rise in net profit for the third quarter at Rs 4,038 crore on high coal prices. The company reported Rs 2,626 crore net profit during same period last fiscal. Coal India's total income increased 21% to Rs 15,349 crore for the quarter from Rs 12,686 crore for the same period a year ago, a company statement said on Monday.
The company had raised coal prices in February last year. It produced 114.62 million tonnes of coal in the third quarter as against 113.77 million tonnes in the same period last year. Coal India said it made an additional provision in third-quarter results for new wage agreement that it signed with on January 31. It plans to make the rest of the provision in the March quarter, the statement said.
The company signed an agreement with its five recognised trade unions to increase wages by 25%. The agreement until June 2016 is expected to add about Rs 4,000 crore the company's annual wage bill ofRs 20,000 crore. Coal India employee benefit expenses in December quarter rose 20% toRs 5,622 crore.
The company's stand-alone net profit grew over 10-fold for the third quarter at Rs 1,219.33 crore. It reported a stand-alone profit of Rs 115.37 crore during corresponding year last fiscal. Coal India's total income increased nearly four times toRs 1,566.23 crore for the quarter from Rs 400.56 crore for the quarter-ended December 31, 2010.
(sourced ET)
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