Indian iron ore producer Sesa Goa has announced its financial and operational results for the fourth quarter and the full financial year 2012-13 ended March 31.
In the fourth fiscal quarter, Sesa Goa's net profit decreased by 74 percent year on year to INR 2.98 billion ($55 million). The company posted a net profit of INR 22.8 billion ($420.6 million) for the full financial year, down 15 percent year on year. Its net sales dropped 90 percent to INR 2.91 billion ($54.23 million) in the fourth quarter, while they amounted to INR 25.54 billion ($471.14 million) for the full year, down 69 percent, both year on year.
Sesa Goa reported no iron ore production for the fourth quarter, since iron ore operations were affected by the suspension of mining in Goa and Karnataka, while its iron ore production for the financial year 2012-13 amounted to 3.7 million mt, down 73 percent year on year.
According to Sesa Goa, on April 18 the Supreme Court of India gave clearance for resumption of mining operations for category A and B mines in Karnataka subject to statutory clearances. Sesa Goa's Karnataka mine falls under category B and is awaiting statutory clearances, including forest clearance which expired in October 2012, to resume mining. The company expects to commence mining shortly, subject to the grant of statutory clearances.