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Coal India profits up but misses production target

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World Coal,

Coal India has announced a rise in profits in the three months to June but still failed to his its production target, according to Reuters.

Net profit rose 8% to 40.3 billion rupees (US$ 658 million) on net sales of 178 billion rupees (US$ 29 billion). But its production of 108.3 million t was still below the company’s own forecast.

Coal India supplies the vast majority of India’s coal but its inability to meet production targets has left the country reliant on imports. Earlier this year, stockpiles of the fuel dropped to their lowest levels since February 2013, leaving many power plants with only a few days worth of supply.

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