Vedanta's earnings hit by lower metal production, prices
Vedanta Resources Plc reported an 8.5 percent drop in full-year core earnings, hit by lower copper and zinc production, weak commodity prices and a ban on mining iron ore in Goa.business Updated: May 15, 2014 13:19 IST
Vedanta Resources Plc, the mining company majority owned by one-time scrap metal dealer Anil Agarwal, reported a fall in revenue and core earnings for 2013.
The company said core earnings for the financial year ended March 31 decreased 8.5 percent to $4.49 billion. Revenue fell 11.6 percent to $12.95 billion.
Analysts on average expected the company to report revenue of $13.16 billion and core earnings of $4.47 billion, according to Thomson Reuters I/B/E/S. Vedanta raised its final dividend to 39 cents from 37 cents a year earlier.