Vedanta's core earnings jump on oil and gas boost

Thu Jan 31, 2013 12:57pm IST

A bird flies by the Vedanta office building in Mumbai August 16, 2010. REUTERS/Danish Siddiqui/Files

A bird flies by the Vedanta office building in Mumbai August 16, 2010.

Credit: Reuters/Danish Siddiqui/Files

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REUTERS - Vedanta Resources Plc (VED.L) reported a 31 percent rise in third-quarter core earnings, helped by a strong performance by Cairn India (CAIL.NS), its Indian oil and gas unit.

Earnings before interest, tax, depreciation and amortisation (EBITDA) grew to $1.11 billion in the three months ended December 31, from $848.4 million a year earlier, the London-listed company said.

Vedanta, which counts Indian billionaire Anil Agarwal as its largest shareholder, said revenue climbed 7 percent to $3.58 billion.

Vedanta produces copper, zinc, silver, aluminium, iron ore and power through its operations in India, Zambia, Namibia, South Africa, Liberia, Ireland and Australia.

Average daily gross operated production was 205,014 barrels of oil equivalent in the third quarter, up 21 percent from last year.

Mined metal in the company's Indian zinc unit rose to 233,000 tonnes, from 209,000 tonnes in the year-earlier period.

Vedanta, which sold 5 million tonnes of iron ore in the third quarter last year, recorded no iron ore sales this year owing to mining bans in the western Indian state of Goa and the southern state of Karnataka.

Shares in the company, a FTSE 100 constituent, closed at 1164 pence on Wednesday. They have gained about 12 percent in value since the end of the first quarter in September.

(Reporting by Brenton Cordeiro in Bangalore; Editing by Roshni Menon)

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