Top Coal Miner Reports 26% Rise in Profit as Staff Costs Fall
- Salary expenses decline 20% over the year from a high base
- Price realization drops following lower auction premiums
Freight wagons laden with coal in Chandwa, Jharkhand.
Photographer: Prashanth Vishwanathan/BloombergThis article is for subscribers only.
Coal India Ltd., the world’s largest producer of the commodity, reported a 26% increase in fourth-quarter profit, driven by a drop in salary expenses and higher shipments to customers.
Profit for the three months ended March rose to 86.8 billion rupees ($1 billion), according to a stock exchange filing on Thursday. Earnings beat an average estimate of 76 billion rupees compiled by Bloomberg.