London-based Indian metals miner Vedanta Resources plc announced results for the first six months of their current fiscal year on Thursday. Record aluminium production helped propel the company’s bottom line above numbers posted the previous fiscal year.
Revenue in the half totaled US$6.8 million, up 39 percent year-on-year from last year’s first-half total of US$4.9 billion. Vedanta recorded a first-half EBITDA of US$1.7 billion, 37 percent above last year’s first-half EBITDA of US$1.2 billion. The firm credits improvements in these numbers to higher production and sales volumes in the half as well as an overall rise in commodities prices.
Operating profit before special items for the half came to US$1.2 billion, good for an increase of 62 percent over last year’s first-half number of US$720 million. Underlying gain for the half totaled US$26 million, a stark reversal over last year’s first-half loss of US$52 million. Read More…
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