Indian miner Sesa Goa’s net profit up 60 percent despite lower iron ore sales

India's largest private iron ore producer and exporter Sesa Goa Ltd has announced that its net profit in the financial year that ended on March 31, amounted to INR 422.2 million ($9.48 million), increasing by 60.6 percent, while its total income rose 57.13 percent to INR 920.51 million ($20.67 million), both compared to the previous financial year.
 
In the meantime, Sesa Goa's iron ore production in the last quarter of the given financial year totaled 5.5 million mt, declining by 20 percent year on year, due to the state-wide export ban in Karnataka since the end of July 2010 and termination of the third party mining agreement in Orissa in November 2010. Sesa Goa's iron ore production for the full financial year was marginally lower as compared to the previous financial year at 18.8 million metric tons.  On April 5, 2011, India's Supreme Court ruled that the Karnataka export ban is to be lifted from April 20, 2011. The final hearing in the case is expected in the first week of May 2011.
 
Sesa Goa's iron ore sales in the last quarter of the financial year were 6.7 million metric tons, up from 6.6 million metric tons in the year-ago period. Sales for the full financial year were 18.1 million metric tons, down from 18.4 million metric tons sold during the prior year.