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Wednesday, January 17, 2007

Vedanta Q3 earnings up by 174 percent

The parent organisation of Sterlite Copper, Vedanta Resources PLC, the FTSE 100-listed copper and zinc miner, has attained an earnings surge of 174 % in the third quarter, buoyed by strong metal prices and production.

Earnings before interest, tax, depreciation and amortisation in the three months to December rose to 724 mln usd from 264.6 mln previously, ahead of the consensus forecast of 698.4 mln usd.

Revenue grew 81 pct to 1.76 bln usd, against a consensus figure of 1.68 bln usd.

Vedanta said production across all metals in India was 'significantly' higher in the quarter, mainly because of the contribution from newly-commissioned projects.

Production at the new 245,000-tonne per annum Korba II smelter has fully stabilised and reached its full capacity after the temporary disruption in May due to the tripping of the power plant.

Copper cathode production in India and Australia reached a record 86,000 tonnes due to the de-bottlenecking initiatives at the Tuticorin smelter, which has increased capacity to 400,000 tpa.

Source: Forbes

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