31st Jan 2014 07:53
LONDON (Alliance News) - Vedanta Resources PLC Friday reported higher production of refined zinc at its Zinc India unit, record oil and gas production and a 3% rise in operating profits for its fiscal third quarter, although mined metal production fell 5% and revenues fell.
The oil and metals company said earnings before interest, tax, depreciation and amortisation were USD294.2 million in the three months to end-December, compared with USD276.3 million a year earlier, even though revenues declined to USD546.6 million, from USD574.8 million.
Its mined metal production was down 5% in the third quarter, although it was still up 11% in the first nine months of the financial year, thanks to higher output at the company's Rampura, Agucha and Zawar mines. It expects mined metal production in the full year to be about 900,000 tonnes due to a slower-than-expected ramp up of its underground mining project and a change in mining sequence that's giving preference to primary mine development.
Refined zinc production rose 15% in the third quarter, although refined lead production was down 15% and saleable silver output was down 33%. Average prices were slightly down for all three.
However, Ebitda rose thanks to the overall higher sales volume, which was partly offset by lower silver prices and higher costs of production. It said its costs of production for zinc and silver rose to USD814 a tonne in the third quarter, up from USD814 million a year earlier.
Its oil and gas output rose 10% year-on-year thanks to a ramp-up in production at Rajasthan.
By Steve McGrath; [email protected]; @SteveMcGrath1
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