Sesa Goa, a Vedanta Group company, reported that its net profit was down 35 per cent at Rs 692 crore (Rs 1,065 crore) in the December quarter, on sharp increase in operating cost and export duty. Total income was up 16 per cent at Rs 2,617 crore (Rs 2,250 crore).

The company has declared an interim dividend of Rs 2 a share to be paid on February 23, it said.

Total expenditure shot up to Rs 1,735 crore (Rs 1,038 crore) as export duty increased to Rs 448 crore (Rs 117 crore). It booked a forex loss of Rs 178 crore on FCCB against a gain of Rs 2 crore in the same period last year.

During the third quarter, iron ore sales were at 5.04 million tonne (mt) compared with 4.78 mt. The company sold sold 0.64 mt of iron ore in Q3 via e-auctions in Karnataka, while in Goa sales were at 4.40 mt (3.74 mt).

During the quarter, Sesa Goa and Videocon Industries along with other shareholders of Goa Energy Pvt Ltd have signed a definitive share purchase agreement under which Sesa has agreed to acquire 100 per cent of the outstanding common shares of GEPL for a cash consideration of Rs 54 crore on a cash-free basis, including net working capital of Rs 2.75 crore and taking over an existing debt of Rs 47.28 crore.

The company's shares were up six per cent at Rs 200 on the BSE.

(This article was published on January 25, 2012)
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