20th Jul 2015 11:19
LONDON (Alliance News) - Hindustan Zinc Ltd, a subsidiary of FTSE 250 Vedanta Resources PLC, Monday said its net profit increased by 19% year-on-year in the first quarter ended June 30.
"The Zinc price has held up better in an environment of retreating base metal prices. We anticipate the later part of the year to be stronger on expectation of a global zinc deficit due to mine closures. The Indian manufacturing sector is showing signs of recovery with improved order books and flow of funds backed by government initiatives, thus providing a positive outlook for the industry," Chairman Agnivesh Agarwal said in a statement.
Hindustan Zinc said its net profit was INR19.21 billion in the quarter ended June 30, compared with INR16.18 billion in the corresponding quarter the prior year.
The subsidiary said that mined metal production was up 42% year-on-year at 232,162 metric tonnes. It expects mined metal production to be higher in the new financial year, with integrated refined metal production, including silver, will be significantly higher.
"The increase was driven primarily by higher ore production from Rampura Agucha, Kayad and Sindesar Khurd mines. Mined metal production was lower by 14% sequentially, in-line with the mine plan," the company said.
Vedanta shares were up 0.8% at 465.21 pence on Monday afternoon in London.
By Samuel Agini; [email protected]; @samuelagini
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