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::Sesa Goa Profit Gains On Higher Prices Of Iron Ore

Posted on 18-07-2010

July 19 (Bloomberg) -- Sesa Goa Ltd., India's biggest iron- ore exporter, said first-quarter profit rose three-fold from a year earlier on higher prices of the steelmaking raw material.

Group net income rose to 13 billion rupees ($276 million) in the three months ended June 30 from 4.2 billion rupees a year earlier, the Panaji, Goa-based company said in a statement posted on its website. Net sales rose to 24.1 billion rupees from 10.1 billion rupees.

Average cash prices of 62 percent iron-content ore delivered to Tianjin port in China more than doubled to $159 a metric ton in the three months ended June 30, compared with $69 a ton a year ago, according to the Steel Index. The spot price rose to a record $186.5 a ton on April 21.

Prices for immediate delivery surged in April after Vale SA, the world's largest iron ore producer, and BHP Billiton Ltd. ended a 40-year system of setting annual prices by signing short-term contracts with Asian steelmakers, with the Brazilian company winning a 90 percent increase.

Sesa Goa, a unit of Vedanta Resources Plc, exports most of its production to steelmakers in China and Japan.

The shares rose 1.5 percent to 348.35 rupees at the close of trading today in Mumbai. The benchmark Sensitive Index of the Bombay Stock Exchange fell 0.2 percent.

--Editors: Indranil Ghosh, Abhay Singh

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