The Hindu Business Line : CIL posts Rs 3,700-cr gross profit

DESPITE two of its seven production subsidiaries incurring huge losses, Coal India Ltd (CIL) has ended the 2003-04 fiscal with a gross profit (provisional) of about Rs 3,700 crore when it produced about 306 million tonnes of coal against the year's target of about 298 mt. The total dispatch of coal to core and non-core sector exceeded the target of 299 mt to about 304 mt.

Northern Coalfields Ltd (NCL) topped the list as profit-making subsidiary with a gross profit of Rs 1,550 crore on a production of about 47 mt, while Mahanadi Coalfields Ltd (MCL) and South Eastern Coalfields Ltd ( SECL) earned a profit of about Rs 1,250 crore and about Rs 1,150 crore, producing about 60 mt and 72 mt., respectively. Western Coalfields Ltd (WCL) also raised its profitability by about Rs 200 crore compared to its last year's profit of Rs 472 crore. It produced about 39 mt.

Central Coalfields Ltd (CCL) failed to improve its profitability because of its failure to raise production. Its production remained static at about 37 mt when its gross profit came down to about Rs 265 crore from Rs 384 crore last year.

Two of CIL's subsidiaries, namely Eastern Coalfields Ltd (ECL) and Bharat Coking Coal Ltd (BCCL) continued to incur losses. Both the companies produced less quantity of coal than the targets. ECL restricted its loss at Rs 275 crore on a production of 28 mt, while BCCL's loss moved from last year's level of about Rs 507 crore to Rs 840 crore.