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Coal India Limited : Coal India's Fourth-Quarter Unconsolidated Net Falls On Tax Expense

05/18/2012 | 11:03am US/Eastern
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Coal India Ltd. (533278.BY), the world's biggest coal producer, Friday said its fourth-quarter unconsolidated net profit fell 12% from a year earlier as a tax expense more than offset an increase in its substantial non-operating income.

The company said its standalone net profit for the January-March quarter fell to INR12.24 billion from INR13.86 billion a year earlier.

Sales fell about 2% to INR1.55 billion from INR1.58 billion.

Coal India's non-operating income rose 17% to INR15.39 billion. The coal-producer gets a major chunk of its income from interest on its cash reserves worth INR550 billion, which is parked in fixed deposits with various banks, as well as mutual funds.

Coal India, however, incurred a tax expense of INR2.57 billion during the quarter, compared with a gain of INR1.22 billion in the corresponding quarter last year.

-By Anirban Chowdhury, Dow Jones Newswires; 91-22-61456108; anirban.chowdhury@dowjones.com

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