Vedanta Q3 profit dips, Zambia disappoints
Vedanta Q3 profit dips, Zambia disappoints
London: Miner Vedanta Resources posted a 5% dip in core profit its December quarter, hit by weaker performances at its aluminium and Zambian copper operations.
The India-focused miner said earnings before interest, tax, depreciation and amortisation (EBITDA) came in at $848.4 million for the third quarter, including $131 million from its majority stake in Cairn India, acquired last year.
The Zambian copper operations posted core earnings of $67.7 million, compared to $134.4 million a year ago.
Aluminium was also badly hit by lower market prices and by the depreciation of the Indian rupee, which forced mark-to-market losses on foreign currency loans. Core profit sank to $3.6 million for the division from $76.3 million a year earlier.
Over the nine months to the end of December, the group’s core profit rose 14 percent to $2.6 billion.
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