Coal India Q1 net falls 16.5 pct, lags estimates

MUMBAI Sat Aug 3, 2013 8:01am EDT

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MUMBAI Aug 3 (Reuters) - Coal India, the world's largest coal miner by output, posted its first quarterly profit decline in five quarters, because of lower sales price and higher fuel and wage costs.

The state-owned miner said net profit for its fiscal first quarter fell to 37.31 billion Indian rupees ($613 million) from 44.69 billion rupees a year earlier. Net sales were 165 billion rupees.

Analysts, on average, had forecast net profit of 42.40 billion rupees, according to Thomson Reuters Starmine data.

($1 = 60.9100 Indian rupees) (Reporting by Prashant Mehra & Siddesh Mayenkar; Editing by Miral Fahmy/Ruth Pitchford)

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