Coal India profit misses estimates as glut weighs down on prices

Coal woes: India’s plan to add about 80 GW of coal-fired power plants worth some US72bil is unravelling because of insufficient electricity demand. – Bloomberg

NEW DELHI: Coal India Ltd, the world’s biggest producer of the fuel, missed analysts’ estimates for fourth-quarter profit as oversupply of the fuel and lower international prices trimmed earnings.

Net income for the three months ended March 31 rose to 42.5 billion rupees (US$634mil) from 42.4 billion rupees a year earlier, the state-run monopoly said in a stock exchange filing yesterday.