23rd Jan 2008 14:45
Vedanta Resources PLC23 January 2008 Hindustan Zinc Limited Results Vedanta Resources plc's Indian subsidiary, Hindustan Zinc Limited announced itsresults for the third quarter and nine months ended 31 December2007. The fulltext of the release is attached. Hindustan Zinc Limited Results for the Third Quarter and Nine Months ended 31 December 2007 Highlights • Strong operating performance - highest ever quarterly zinc metal production of 104,093 tonnes• Phase II Chanderiya zinc smelter project successfully completed in a record time of 20 months• HZL is the third largest integrated producer of zinc in the world Mumbai, 23 January 2008: Hindustan Zinc Limited ("HZL" or the "company") todayannounced its results for the third quarter ("Q3") and nine months ended 31 December 2007 ("nine months period"). Unaudited Financial Summary (in Rs crore, except as stated)-------------------------------------------------------------------------------- Quarter Ended Change Nine Months Ended Change 31 December 31 December 2007 2006 2007 2006--------------------------------------------------------------------------------Net Sales/Income fromoperations 1,658 2,482 -33.2% 5,612 6,540 -14.2%Cash Profit (PBDT) 1,149 1,982 -42.0% 4,405 5,138 -14.3%Net Profit 785 1,335 -41.2% 3,118 3,507 -11.1%EPS (Rs.) 18.58 31.60 73.79 83.00Production - MinedMetalZinc 135,891 127,699 6.4% 413,449 383,533 7.8%Lead 19,037 17,312 10.0% 56,704 49,801 13.9%Production - RefinedMetalZinc 104,093 92,759 12.2% 290,832 253,460 14.7%Lead 14,526 12,015 20.9% 41,258 31,953 29.1%-------------------------------------------------------------------------------- The company achieved a record metal production in Q3 for both zinc and lead. HZLproduced 104,093 tonnes of zinc and 14,526 tonnes of lead, an increase of 12%and 21% respectively as compared with the corresponding prior quarter. Theincrease in production was primarily on account of additional production fromthe new hydro smelter and improved performance from all the existing smelters. Mined metal production during Q3 was 135,891 tonnes, an increase of 6% ascompared with the corresponding prior period. Sales during Q3 were augmented by the sale of 72,115 dmt of surplus zinc andlead concentrate. Average zinc LME for Q3 was $2,646 per tonne, a decrease of 37% as compared withthe corresponding prior quarter. The Indian rupee appreciated by 12% during thequarter as compared with the corresponding prior quarter. As a result of thesefactors, profits were adversely affected to the extent of Rs 1,100 crores duringthe quarter. Projects The 170 ktpa phase II zinc smelter project was successfully commissioned duringthe month of December 2007. The project was completed in a record time of 20 months from itsground-breaking. The 88,000 tpa zinc debottlenecking project is progressing well and is onschedule._________________________________End of Release_________________________________ For further information, please contact: Sumanth Cidambi [email protected] Director - Investor Relations Tel: +44 20 7659 4732 / Vedanta Resources plc +91 22 6646 1531 Faeth Birch Robin WalkerFinsbury Tel: +44 20 7251 3801 About Vedanta Resources plcVedanta Resources plc is a FTSE 100 diversified metals and mining group. Itsprincipal operations are located throughout India, with further operations inZambia and Australia. The major metals produced are aluminium, copper, zinc andlead. For further information, please visit www.vedantaresources.com. About Hindustan ZincHZL is India's only integrated producer of zinc and among the world's leadingintegrated producers. Its zinc capacity is currently 581,000 tpa with itssmelter operations situated in Chanderiya, Debari and Visakhapatnam. HZL haslead-zinc mines in Dariba, Rampura Agucha, and Zawar. HZL has approximately6,400 employees. The company is a subsidiary of Sterlite Industries (India)Limited. DisclaimerThis press release contains "forward-looking statements" - that is, statementsrelated to future, not past, events. In this context, forward-looking statementsoften address our expected future business and financial performance, and oftencontain words such as "expects," "anticipates," "intends," "plans," "believes,""seeks," "should" or "will." Forward-looking statements by their nature addressmatters that are, to different degrees, uncertain. For us, uncertainties arisefrom the behaviour of financial and metals markets including the London MetalExchange, fluctuations in interest and or exchange rates and metal prices; fromfuture integration of acquired businesses; and from numerous other matters ofnational, regional and global scale, including those of a political, economic,business, competitive or regulatory nature. These uncertainties may cause ouractual future results to be materially different that those expressed in ourforward-looking statements. We do not undertake to update our forward-lookingstatements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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