Top Indian Miner’s Profit Surges to Record on Accounting Tweaks
- Other income for the quarter rose 23% from a year earlier
- Average price declined 4% over the year, finance director says
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Coal India Ltd. reported a 4% increase in first-quarter profit, following accounting changes and a rise in shipments that helped offset a slide in prices, according to a statement on Wednesday.
Profit for the three months ended June was a record 109.6 billion rupees ($1.3 billion), the Kolkata-based miner said, exceeding the 76.5 billion rupees average of estimates compiled by Bloomberg. The company introduced a new accounting policy for the provisions it makes for removing the layer of earth covering coal seams. This boosted earnings for the quarter and led to a restatement of the year-ago profit.