Coal India Ltd?s (CIL?s) standalone net profit for the fourth quarter in FY13 surged 89% year-on-year to R2,320.61 crore from R1,223.52 crore, although sales were down 21.14% y-o-y and the company registered an operational loss during the quarter. The increase in profit was largely on the account of a steep rise in other income, which comprises mainly bank interest.
CIL?s other income in the fourth quarter stood at R2,679.65 crore against R1,565.58 crore during the corresponding period last fiscal. Net stand alone sales during the quarter in FY 13 was down to R121.93 crore against R154.62 crore in the same period in FY 12.
Standalone operational loss stood at R2.42 crore in the quarter against a standalone operational profit of R23.17 crore during the same period previous fiscal.
CIL, without its subsidiary owns only one mine in North East, which is not regularly operational.
The company?s standalone net profit for the year rose 21.44% y-o-y to R9,794.32 crore from R8,065.10 crore in FY12 and this happened on the back of a 21.64% y-o-y increase in other income to R11,088.01 crore in FY13 from R9,114.72 crore in FY12.
The company?s standalone operational loss surged 174% y-o-y to R374.33 crore in FY13 against R136.36 crore in FY12. Net sales for the year dipped 15.29% y-o-y to R352.25 crore from R415.86 crore a year ago.
CIL will declare its consolidated results on May 27.
