Sesa Goa Q4 net dips 20.5% at Rs 1,162.1 cr

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Sesa Goa Q4 net dips 20.5% at Rs 1,162.1 cr
Country's leading iron-ore producer and exporter, Sesa Goa today reported the decline of 20.5 per cent in net profits for the fourth quarter ended March 2012 at Rs 1,162.11 crore as the mining ban in some districts of Karnataka placed the production activities under dark clouds.

The company had posted the net profit of Rs 1,461.76 crore during the same period a year ago, said the company in its filing to the Bombay Stock Exchange on April 24, 2012.

High export duties and interest costs, coupled with mining bans, have squeezed the profits of the iron-ore producer, which is soon going to merge with another group entity Sterlite Industries.

The company's iron ore production for the March quarter was down by 11 per cent at 4.9 million tonnes (MT), while for the full year, it declined by 27 per cent to 13.80 MT.

Sesa Goa, the subsidiary of London-listed Vedanta Resources Plc, reported the decline of 25.6 per cent in total income for the fourth quarter ended March 2012 at Rs 2,808.48 crore.

Shares of the company were quoting at Rs 185.50 a piece, up 1.45 per cent from previous close on BSE at 10:53 hours.

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