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Coal India's fiscal Q4 profit tumbles to 12.95B rupees YOY

State-owned Coal India Ltd.'s attributable profit in the fourth quarter of its fiscal 2018 more than halved to 12.95 billion Indian rupees from 27.19 billion rupees a year ago, despite higher revenues in the period, Coal India said in a May 29 filing.

The drop came amid a surge in total expenses to 277.57 billion rupees from 223.53 billion rupees as employee benefits expenses nearly doubled year over year to 166.54 billion rupees. EPS fell to 2.09 rupees, from 4.38 rupees in the previous corresponding quarter.

Revenues from operations improved to 269.09 billion rupees, from 248.51 billion rupees a year ago. Gross sales increased to 374.95 billion rupees from 354.32 billion rupees.

For the full fiscal year, attributable profit fell to 70.20 billion rupees from 92.80 billion rupees in fiscal 2017. Coal India's production in the year increased 2.4% to 567.4 million tonnes, from 554.1 million tonnes in fiscal 2017, but missed its full-year production target of 600 million tonnes.

As of May 28, US$1 was equivalent to 67.43 Indian rupees.