15th Nov 2013 07:25
LONDON (Alliance News) - India-focused miner Vedanta Resources PLC. announced the interim results for the six months ended 30 September 2013, reporting that profit before taxation slipped to $261.1 million from the previous year's $1.068 billion.
Loss attributable to equity holders of the parent was $217.0 million, compared to profit of $173.6 million in the previous year, primarily due to lower EBITDA, foreign exchange losses and higher net interest expenses. Loss per ordinary share was 76.7 cents versus profit of 62.6 cents in the prior year.
EBITDA at $2.2 billion, a 14% decrease reflecting weaker commodity prices partly neutralised by lower costs and increased volumes at Zinc India and Oil & Gas business, a higher percentage share of profit petroleum paid to the Government of India in our oil& gas business, absence of iron ore mining in Karnataka and Goa and lower volume in KCM. EBITDA margin remained strong at 44.5% (excluding custom smelting) reflecting efficient cost management.
Profit for the period was $243.4 million, down from $943.2 million last year.
Underlying profitin the first half of the year, excluding the impact of MTM losses and special items was lower at $80 million as compared with $267 million in the first-half of fiscal 2012-13.
Underlying earnings per ordinary share declined to 28.3 cents from 96.1 cents in the same period last year.
Revenue for the period declined 17% to $6.164 billion from last year's $7.452 billion. Volume increases at Cairn India, Zinc India and at Vedanta Aluminium and BALCO, the company's aluminium businesses, had a positive impact on revenue which was offset by lower commodity prices, the temporary closure of the Tuticorin copper smelter for a quarter, reduction in production at KCM and the impact of the continued mining ban on its Iron Ore business.
The prior year results have been restated so as to reflect the adoption of new accounting standards.
Vedanta Resources announced an interim dividend of 22 cents per Ordinary Share on 15 November 2013 in respect of the six months ended 30 September 2013. The dividend will be paid out in US dollars on 19 December 2013 to those shareholders on the Register on 29 November 2013.
Copyright RTT News/dpa-AFX
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