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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (10291)	11/16/2007 9:47:40 AM
From: LoneClone	Read Replies (1) \| Respond to of 193614

Vedanta H1 profit up 4% yoy indiainfoline.com India Infoline News Service / Mumbai Nov 15, 2007 14:52 Group revenue jumps 29.4% to US$3.9bn, driven by strong volume growth. Group EBITDA is up 5.7% at US$1.4bn. Operating profit rises 5.3% to US$1.2bn Vedanta Resources Plc on Thursday reported interim results for the six months ended September 30, 2007. The India-focused, London-listed miner's attributable profit was up 4% at US$465mn versus US$447.6mn in the same period of the previous fiscal year. Group revenue jumped 29.4% to US$3.9bn, driven by strong volume growth. Group EBITDA was up 5.7% at US$1.4bn, on the back of strong volume growth, acquisition of Sesa Goa and operating efficiencies offset by the appreciating Indian rupee. EBITDA margin declined to 35.1% from 43% in the same period last year. "Despite strong appreciation in the Indian rupee in the period, revenues and EBITDA increased due to higher volumes and tight cost control," Vedanta said in a statement. The company's operating profit rose by 5.3% to US$1.2bn. The basic EPS stood at 161.6 US cents as against 156.1 US cents in the year-ago period. EPS on the basis of Underlying Profit was at 151.3 US cents. Despite strong appreciation in the Indian rupee in the period, revenues and EBITDA increased due to higher volumes and tight cost control," a statement said. Interim dividend stood at 16.5 US cents per share. The company has free cash flows of US$1.28bn and a strong balance sheet with net assets of US$8.4bn and nil gearing. ROCE (excluding project capital work in progress) continued to be strong at 44.3% (annualised). "We believe that our organic growth pipeline, which is unique in the industry, is well positioned to take advantage of major developing economies in India and China," Vedanta Chairman Anil Agarwal said. The company achieved its highest-ever quarterly production volumes in aluminium, Indian copper and zinc mining operations. First-half aluminium output climbed 26.5% to 196,000 tons while copper cathode production in India and Australia gained 25.5% to 172,000 tons. Vedanta said it expected continued growth based on the expansion of India's economy, but gave no forecast for the second half of the financial year. "Domestic Indian opportunities, both in metals and in power, remain immense with per capita consumption of both lagging behind China," the firm said. "We are looking forward to delivering another year of growth," Vedanta said.