Indian iron ore producer Sesa Goa has announced its financial and operational results for the second quarter and the first half ended on September 30 of the financial year 2012-13.
In the second fiscal quarter, Sesa Goa's net profit amounted to INR 5.22 billion ($97.01 million) compared to a net profit of INR 10 million in the same quarter of the previous year. The company posted a net profit of INR 14.86 billion ($276.2 million) for the first half of the year, up 76.5 percent year on year. Its net sales dropped 62.8 percent to INR 2.94 billion ($54.6 million) in the second quarter, while they amounted to INR 20.27 billion ($376.7 million) for the first half of the year, down 30 percent, both year on year.
In the second quarter, Sesa Goa's iron ore output declined by 63.6 percent to 400,000 mt compared to the same quarter of the previous financial year, while the company's iron ore output for the first half amounted to 3.7 million mt, down 32.7 percent year on year.
Additionally, Sesa Goa announced that Goa State Pollution Control Board (GSPCB) has revoked its earlier order for Sesa Goa to stop activity at the second battery of its new metallurgical coke plant at Navelim.
As SteelOrbis previously reported, in early September Sesa Goa had to shut down its metallurgical coke plant due to soot emissions above permissible limits.