Indian iron ore producer Sesa Goa has announced its financial and operational results for the third quarter and the first nine months ended on December 31 of the financial year 2012-13.
In the third fiscal quarter, Sesa Goa's net profit amounted to INR 4.97 billion ($92.4 million) down 28.2 percent compared to the corresponding quarter of the previous year. The company posted a net profit of INR 19.83 billion ($368.6 million) for the first nine months of the year, up 29.4 percent year on year. Its net sales dropped 91 percent to INR 2.37 billion ($44.05 million) in the third quarter, while they amounted to INR 22.64 billion ($420.7 million) for the first nine months of the year, down 59 percent, both year on year.
According to Sesa Goa, iron ore mining operations in both Karnataka and Goa remain suspended due to regulatory restrictions. During the third quarter, approximately 30,000 mt of iron ore was sold from Karnataka through court monitored e-auctions. There was no production or sale of iron ore during the quarter at the Goa operations.
Additionally, Sesa Goa is planning to start production in its iron ore mine in Liberia, with the first shipment scheduled for the financial year 2013-14.