Business

Sesa Goa’s Profits Increase Though Sales Dip

Even though production and sales declined during the last financial year, Sesa Goa Limited recorded a profit of 61 per cent over the previous year. The Board of Directors has recommended a dividend of 350 per cent which translates to Rs. 3.50 per equity share as against the dividend of 325 per cent announced last year.

The company released its report on performance during the last financial year on Tuesday wherein it was pointed out that iron ore production for the entire year was 18.8 million tonnes while the sale of 18.1 million tonnes for the year ended was less by 0.3 million tonnes in comparison with figures of the previous year.

Pig iron production and sales also registered lower volumes in comparison to the last financial year. This year the company produced 276,11 tonnes of pig iron which was one per cent less than what was produced during the last financial year.

Similarly, sale of 266,090 tonnes of pig iron was five per cent less than what was sold during the last financial year.

However, the company has increased its capacity not only in getting additional reserves in Goa and Karnataka but also by going ahead with his capacity expansion progamme of the pig iron plant.

The company notched cash profit of Rs. 5,656 crore for the financial year 2011 which is an increase of 61 per cent over the last year’s figure.

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