Metals News
Vedanta Full-Year Net Almost Triples on Copper Gain (Update1)
industry news
05:22PM
May 6,2010
Source:SMM

May 6 (Bloomberg) -- Vedanta Resources Plc, the largest copper producer in India, said full-year profit almost tripled as a global economic recovery boosted commodity prices.

Net income advanced to $602.3 million in the year ended March 31, from $219.4 million a year earlier, the London-based company said today in a statement. That compares with the $568 million average estimate of six analysts compiled by Bloomberg.

Vedanta, controlled by billionaire Anil Agarwal, boosted output of copper, zinc, lead, iron ore and aluminum in Indian, Australian and Zambian operations. An index of six metals traded on the London Metal Exchange jumped 89 percent in the period, helping to lift Vedanta's sales 21 percent to $7.9 billion.

"The large and coordinated stimulus from governments globally has secured greater stability in financial markets and a return to economic growth," Agarwal, also Vedanta's chairman, said in the statement. "Commodity prices and industrial demand have recovered and we enter the 2011 financial year with much greater optimism."

The company proposed a final dividend of 27.5 cents, an increase of 10 percent. Earnings per share jumped to 203.2 cents from 75.8 cents a year earlier, Vedanta said.

"We have a well laid out growth pipeline and all our expansion projects are on track to deliver an industry leading organic growth," the company said in the statement. "We remain confident to deliver superior results as we are progressing."
 

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