20th Apr 2015 12:39
LONDON (Alliance News) - Vedanta Resources PLC Monday said its Hindustan Zinc subsidiary has published its results for the fourth quarter to the end of March, with mined metal production, zinc and lead metal production all higher.
Vedanta said Hindustan Zinc's mined metal production in the fourth quarter was 269,000 tonnes, up 34% year-on-year from 200,000 tonnes a year earlier. Production for the full-year increased 1% to 887,000 tonnes from 880,000 tonnes. The increase in the fourth quarter was in line with guidance and boosted by the ramp up of operations at the Rampura Agucha and Sindesar Khurd mines
Hindustan Zinc's earnings before interest, taxation, depreciation and amortisation in the quarter rose 14%, as good sales of zinc and other metals offset declines in lead and silver sales. A similar pattern emerged in the full year, with robust zinc production boosting more muted lead sales growth and a decline in silver sales.
Refined integrated zinc production increased 21% in the quarter, while refined integrated lead production was up 14%, Integrated silver production was up 9%, but saleable silver production fell by 11%. For the full-year, however, integrated zinc, lead and silver production all fell.
Shares in Vedanta were up 2.9% to 567.5 pence on Monday, one of the best performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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