Sesa Goa Q1 net up five-fold at Rs 633 cr

{image-Sesa Goa_23072008.jpg news.oneindia.in}Mumbai, Jul 23: Sesa Goa, the country's largest private iron ore exporter, has announced consolidated net profit of Rs 633.07 crore for the first quarter of this fiscal, a growth of nearly five-fold over the corresponding period a year-ago.

The Company had posted a net profit of Rs 131.33 crore for the quarter ended June 30, 2007, the Company informed in a filing to the Bombay Stock Exchange (BSE). Total turnover of the group hiked to Rs 1,341.16 crore for the first quarter of this fiscal from Rs 528.31 crore a year-ago. On a stand-alone basis, the Company posted a profit after tax of Rs 644.72 crore for the quarter ended June 30, a growth of over five fold from Rs 118.86 crore reported in the same period last year.

Stand-alone income rose to Rs 1,310.93 crore for the June quarter from Rs 464.31 crore a year ago. The Company further stated that the validity of scheme of amalgamation of Sesa Industries with itself has been extended up to October 31, of this year. The merger of the subsidiary company, Sesa Industries Limited (SIL) with Sesa Goa was pending for approval from Bombay High Court, owing to objection from one shareholder of SIL.

Shares of the Company jumped nearly 8 per cent and witnessed an intra-day high of RS 3150. The scrip was later trading at Rs 3,108 in early morning trade.

UNI