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Vedanta's quarterly core earnings rise 48 percent on higher zinc output

Reuters/ 23 Aug 17 | 01:35 PM
Related to : Vedanta Ltd
 Vedanta Ltd

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Diversified miner Vedanta Resources said its quarterly core earnings rose about 48 percent as zinc production at its Indian unit jumped.

The company reported an 84 percent jump in mined metal content, comprised mainly of zinc, at its Indian unit to 233,000 tonnes for the first quarter ended in June 30.

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The production jump boosted the unit's revenue by about 90 percent to $695 million.

Zinc, which is used to galvanise steel to protect it from rusting, is seeing renewed demand due to higher steel production in China.

China's crude steel output is expected to rise further, fuelling greater demand for input metals.

Vedanta said earnings before interest, tax, depreciation and amortization rose to $777.8 million in the first quarter, from $527.1 million a year earlier.

The company, which also produces iron ore, copper, aluminium and oil, said revenue rose 32 percent to $3.08 billion in the quarter.

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