June 6, 2020 / 12:54 PM / a month ago

Vedanta books $1.7 billion loss in fourth-quarter as oil prices plunge

A man walks past the logo of Vedanta outside its headquarters in Mumbai, January 31, 2018. REUTERS/Danish Siddiqui/Files

MUMBAI (Reuters) - Indian miner Vedanta Ltd on Saturday reported a net loss of 125.2 billion rupees ($1.7 billion) for the fourth quarter of its financial year, compared with a profit of 26.15 billion rupees in the same period a year earlier.

The company took a one-time loss of 171.3 billion rupees in the March quarter, mainly due to an impairment of assets at its Oil & Gas business, triggered largely by a fall in crude oil prices following the coronavirus outbreak.

Revenue from operations came in at 195.13 billion rupees, compared with 230.9 billion rupees a year earlier, the company said in a statement.

($1 = 75.5580 Indian rupees)

Reporting by Rajendra Jadhav; Editing by Mark Potter

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