Vedanta Resources post 121 pc growth
India-based miner Vedanta Resources posted a 121 per cent rise in core third-quarter earnings, boosted by record metals prices.india Updated: Jan 19, 2006 19:32 IST
India-based miner Vedanta Resources posted a 121 per cent rise in core third-quarter earnings, boosted by record metals prices, and said its growth projects were all on track.
"Higher production volumes together with rising metal prices have contributed to the strong set of third-quarter results," executive chairman Anil Agarwal said in a statement.
London-listed Vedanta reported earnings before interest, tax, depreciation and amortisation (EBITDA) of $265 million (150 million pounds) for the three months to end-December on revenues up 78 per cent to $975 million.
That left EBITDA for the first nine months up 115 per cent at $601 million on revenues up 92 per cent to $2.36 billion.
Vedanta, which sells most of its output in India, Asia's third largest economy and one of the world's fastest growing, said third-quarter aluminium production rose 77 per cent to 60,000 tonnes while zinc rose 26 per cent to 69,000 tonnes.
Copper production, excluding its newer Zambian operations, rose 60 per cent to 75,000 tonnes.
Vedanta shares, which rose 120 per cent in 2005 to end the year at 868.5 pence, closed at 1,010 pence on Wednesday to value the business at 2.9 billion pounds.