Vedanta’s quarterly core earnings rise 48% on higher zinc output
Bengaluru: Diversified miner Vedanta Resources said its quarterly core earnings rose about 48% as zinc production at its Indian unit jumped.
The company reported an 84% jump in mined metal content, comprised mainly of zinc, at its Indian unit to 233,000 tonnes for the first quarter that ended in 30 June.
The production jump boosted the unit’s revenue by about 90% 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% to $3.08 billion in the quarter. Reuters