Vedanta streamlining efforts on track, H1 profit climbs
LONDON Nov 7 (Reuters) - India-focused miner Vedanta said on Wednesday that efforts to streamline its sprawling structure were on track to complete this year, brushing off fears of a delay as it reported an almost 50 percent jump in first-half core profit.
Vedanta said earnings before interest, tax, depreciation and amortisation (EBITDA) for the six months to the end of September came in at $2.6 billion, exactly in line with market forecasts, as Cairn India, acquired last year, offset the impact of weaker profits from zinc and iron ore.
Vedanta's iron ore production has been hit by a year-long ban on mining in the Indian state of Karnataka and more recent restrictions on the transport and extraction of iron ore in Goa, India's second-biggest iron ore producing state.
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Government officials painted an upbeat picture for the economy on Thursday as it struggles to emerge from the longest spell of sub-par growth in decades and promised to tighten up risk management at the country's dominant state banks. Full Article