August 13, 2012 / 11:46 AM / in 5 years

Coal India Q1 net up 8 pct, meets estimates

MUMBAI, Aug 13 (Reuters) - Coal India, the world’s largest coal miner, met market expectations with an 8 percent increase in quarterly profit, helped by strong sales and a pricing change this year that boosted margins.

The state-run miner reported April-to-June net profit rose to 44.69 billion rupees ($807 million) from 41.44 a year earlier. Net sales gained 13.8 percent to 165 billion rupees.

Analysts on average had forecast net profit of 44.4 billion rupees on net sales of 166.5 billion rupees, according to a Reuters poll of brokerages.

Shares in Coal India, valued at about nearly $40 billion, closed 0.3 percent lower in a firm Mumbai market. The stock has gained nearly 16 percent so far this year. ($1=55.4 rupees) (Reporting by Prashant Mehra)

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