Indian iron ore producer Sesa Goa has announced its financial and operational results for Q3 and the first nine months of FY 2011-12, posting a decline in its net profit for both April-June and April-December.
In the third fiscal quarter, Sesa Goa's iron ore production amounted to 3.33 million mt, down 29 percent compared to the corresponding quarter of the previous year, mainly due to the state-wide export ban in Karnataka that has been in effect since August 2011. Sesa Goa's iron ore production for the first nine months was 8.84 million mt, 33.5 percent lower than the same period of the previous year.
Meanwhile, Sesa Goa's sales of iron ore increased to 5.04 million mt in Q3 as compared with 4.78 million mt in the corresponding quarter of the previous fiscal year. Sales for the nine-month period totaled 10.83 million mt, down from 11.49 million mt sold during the first nine months of the previous year.
Sesa Goa also announced that its net profit for the third quarter decreased by 35 percent to INR 6.92 billion, while its net profit decreased by 44 percent to INR 15.33 billion during the first nine months, both on year-on-year basis.