Indian miner Sesa Sterlite has announced its financial results for the full financial year 2013-14 ended March 31, reporting a net profit of INR 123.5 billion ($2.05 billion), down 15.5 percent compared to the previous financial year. In the given period, the company's sales revenues increased by 1.12 percent year on year to INR 725.9 billion ($12.06 billion).
According to Sesa Sterlite, its net profit was lower due to higher depreciation and amortization, higher finance costs, and lower other income despite higher EBITDA. The company's EBITDA was INR 256.6 billion ($4.26 billion), two percent higher than the previous financial year.
Sesa Sterlite stated that it resumed mining in Karnataka in December, resulting in production of 1.5 million mt in the financial year 2013-14. However, only 27,000 mt was sold during the given financial year.
The company also said that it is working with the Liberian government regarding the infrastructure solutions for its Liberian iron ore projects.