Financial Daily from THE HINDU group of publications
Thursday, Apr 22, 2004
Financial Daily from THE HINDU group of publications Thursday, Apr 22, 2004 |
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Industry & Economy
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Coal Central Coalfields on recovery track Our Bureau
Kolkata , April 21 GOOD performance during 2003-04 has helped Central Coalfields Ltd (CCL) to "technically" extricate itself from the Board for Industrial and Financial Reconstruction (BIFR). The CCL management has claimed that the company is no more a sick company. The Ranchi-based subsidiary of Coal India Ltd (CIL) has estimated a net profit (provisional) for the year under review of about Rs 251 crore after providing the impact of interim relief to employees amounting to about Rs 190 crore and income tax provision of about Rs 34 crore. The interim relief was calculated as per recommendation by the seventh National Coal Wage Agreement. According to a CCL source, the company produced about 37 million tonnes (mt) of coal in 2003-04 exceeding the annual target of 35.5 mt by 1.84 mt. The production is claimed to be the highest in the history of the company after its re-organisation. It achieved a 7 per cent growth in washed coking coal production, while the total dispatch of coal from the company was about 36 mt. The sales turnover touched at about Rs 3,570 crore against about Rs 3,337 crore last year. Meanwhile, the company has set itself a production target of 40 mt for 2004-05 and is keen on improving the social security for its employees. Management is also keen to make all the payment to the retired employees on the last day of superannuation.
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