India's largest private sector iron ore exporter Sesa Goa Ltd has announced a 32 percent year on year decline in its net profit for the fourth quarter of the last Indian fiscal year (ends March 31) due to the decline in iron ore prices and higher costs.
Accordingly, in the fourth quarter the company's net profit decreased to Rupees 5.48 billion ($108.8 million) from Rupees 8.12 billion ($161.2 million) a year earlier, while its net sales for the quarter in question also fell by 15 percent to Rupees 15.7 billion ($311.8 million) compared to the year-ago period.
For the whole fiscal year, however, Sesa Goa's net profit amounted to Rupees 19.88 billion ($394.8 million), up by 29 percent from the previous year.