Sesa Goa Q4 profits down 52% on lower iron ore production

Apr 25, 2012 | 11:56 AM |

Vedanta Group company Sesa Goa, India’s largest exporter of iron ore, has reported a 52% drop in net profit for the fourth quarter of the financial year ended March 31, 2012. Net profit for the January-March quarter was Rs6.96 billion ($130.1 million), compared with Rs14.62 billion in the fourth quarter of the previous financial year, the company reported on Tuesday April 23. Lower iron ore production and higher export duties are among a long list of reasons for the poor performance, it explained. The company’s net profit in the fourth quarter inclusive of associated income (income from interests in Cairn India) stood at Rs11.62 billion, a fall of 21% year-on-year from Rs14.62 billion. Fourth-quarter sales Sales for the fourth quarter were down by 23% at Rs27.91 billion, compared with Rs36.06 billion in the fourth quarter of its 2010 financial year. For the full year ended March 31, 2012, the company reported a 50% drop in net profit to Rs21.08....