Vedanta Resources Reports Mixed 2Q Output; Zinc, Oil, Gas Down
October 10 2016 - 2:20AM
Dow Jones News
By Alex MacDonald
LONDON--India-focused natural resources firm Vedanta Resources
PLC (VED.LN) Monday reported mixed output during the second
financial quarter compared with the same period a year ago.
The company's key profit-generating units, oil, gas, and zinc
reported lower output while the copper, aluminum, iron ore and
power units were higher.
Vedanta, which last month secured shareholder approval to merge
its Mumbai-based operating unit with its majority-owned oil and gas
unit Cairn India Ltd. (532792.BY), said its share of oil and gas
output fell 2% to 11.55 million barrels of oil equivalent in the
three months ended Sept. 30 compared with the same period a year
earlier.
Refined Indian zinc output also fell 29% on year to 150,000 tons
in the second financial quarter while international zinc output
dropped 38% to 39,000 tons.
Zinc, oil and gas--the company's top two largest earnings
drivers in the last financial year--accounted for 70% of the
company's $2.3 billion in earnings before interest taxes,
depreciation and amortization or Ebitda for the year ending March
31.
Meanwhile Indian copper output rose 3% on year to 97,000 tons
while Zambian copper output dropped 1% on year to 47,000 tons due
to the ongoing operations of its Zambian unit.
On a positive note, aluminum output rose 27% on year to 296,000
tons in the second financial quarter while iron ore output rose 78%
on year to 0.8 million tons following the ramp up of production in
the Indian states of Goa and Karnataka following the repeal of a
mining ban there.
Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
October 10, 2016 03:05 ET (07:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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