Vedanta Resources half yearly profit dips 52%

Vedanta Resources reported 52 per cent decline in its half-yearly profit for the current fiscal at $26 million, despite 6 per cent revenue growth.

The metal, mining, oil and gas major had reported $53 million profit for the April-September period of 2013-14.

These figures pertain to ‘underlying attributable profit’, which is calculated after excluding special items and other gains and losses and their resultant tax and minority interest effects.

‘The operational highlights of the first half of this financial year are marked, in particular by a recently improving production rate at the Zinc-India, Copper-India and Oil & Gas businesses during the second quarter,’ said company Chairman Anil Agarwal.

The London Stock Exchange-listed firm clocked 6 per cent rise in revenue to $6.5 billion compared to 6.07 billion during the same period a year earlier. ‘The increase was partially offset by lower volumes at Zinc India, lower Brent prices, a higher share of profit petroleum payable to the government and a planned maintenance shutdown at Cairn India,’ Vedanta Resources said.

EBITDA decreased by 5 per cent to $2.1 billion, due to lower volume and higher cost at Konkola Copper Mine in Zambia and Oil and Gas, its Australian mine, being placed on care and maintenance which more than offset higher LME price and premia in Zinc and Aluminium.

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