Sesa Goa Q2 iron ore sales down 15%
Vedanta Group firm Sesa Goa today reported a 14.84% year-on-year decline in sales of iron ore to 1.55 million tonne during the quarter ended September 30, 2011.
The company had reported sales of 1.82 million tonnes during the corresponding quarter last fiscal.
However, it managed to achieve higher sales realisation from Karnataka during the quarter, at 0.71 million tonne, vis-a-vis 0.45 million tonnes of iron ore sales in Q2 of FY11, Sesa Goa said in a statement.
It added that "sales were benefited by higher volumes in Karnataka prior to the imposition of a mining ban."
Currently, the company does not produce any iron ore from Karnataka, following a ban imposed by the apex court in August on mining in the state.
During the quarter, Sesa Goa's sales from Goa went down by 9.78% to 0.83 million tonne from 0.92 million tonne last year, it added.
In addition, the company's total production of iron ore went down by over 61% during the July-September quarter to 1.12 million tonne, largely due to the apex court ban on mining in Karnataka.
It had reported total iron ore production of 2.88 million tonne in Q2 last fiscal.
Moreover, the company had completed a deal for acquiring a 51% stake in three iron ore assets in Liberia, the statement said.
Shares of the company were being quoted at Rs 202.75 per share on the Bombay Stock Exchange at 1455 hours, up 4.92% from their previous close.